In a duopoly, each firm faces:
a. a more elastic demand curve if it raises its price.
b. a more elastic demand curve if it lowers its price.
c. a perfectly elastic demand curve.
d. a perfectly inelastic demand curved.
Ans: b. a more elastic demand curve if it lowers its price.
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The antitrust law that prohibits firms from combining or conspiring to restrain trade in interstate commerce is the:
a. Federal Trade Commission Act. b. Clayton Act. c. Sherman Antitrust Act. d. Robinson-Patman Act.
Which of the following is a private owner prohibited from doing?
What will be an ideal response?
The difference between M1 and M2 is given by which of the following?
A. M1 includes currency, coins, gold and silver, whereas M2 does not contain gold and silver. B. M1 is made up of currency and money in checkable accounts, whereas M2 contains M1 plus savings deposits and time deposits. C. M1 is limited to currency, whereas M2 contains M1 plus money in checkable accounts. D. M1 includes currency, whereas M2 contains M1 plus money in checking accounts.
The population of individuals at least 16 years of age can be broken into 3 groups. They are
A. those employed full-time, those employed only part-time, and the unemployed. B. the unemployed, discouraged workers, and retirees. C. those working in the for-profit sector, those working in the nonprofit sector, and individuals who are unemployed. D. none of these.