In an oligopolistic industry where the oligopolists collude, the price firms charge would be ________, and the quantity they produce would be ________, if the industry was a monopoly.
A. higher than; lower than
B. the same as; the same as
C. higher than; higher than
D. lower than; lower than
Answer: B
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According to Davis (1963), industrial firms need capital to expand, grow and develop. They will seek the most efficient means to finance this capital. In the U.S
during its period of industrialization, industrialists raised the resources needed to invest in capital accumulation by (a) tapping into the lending power of giant commercial banks. (b) utilizing the lending power of a large number of small banks. (c) merging. (d) engaging in all of the above.
Suppose a price ceiling is currently set below the equilibrium price. Now suppose that policy makers decide to lower the price ceiling. This reduction in the price ceiling will cause which of the following to occur?
A) The shortage in the market will decrease. B) The shortage in the market will increase. C) The surplus in the market will decrease. D) The surplus in the market will increase.
A bracelet making company has three employees, and together they produce 10 bracelets an hour. When a fourth worker joins them, the output for the company is now 11 bracelets an hour. Which of the following is true?
A. Diminishing marginal product started with the fourth worker. B. Average product has increased. C. Total product is increasing. D. None of these is true.
The demand curve for labor shows the ________ of labor employers wish to hire at any given salary or wage rate, under the ceteris paribus assumption.
a. quality b. frequency c. quantity d. type