An example of an oligopoly is:
a. the restaurant industry.
b. the wheat market
c. the cigarette industry.
d. the beef industry.
c
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Which of the following may be consistent with profit-maximizing behavior by a price-taking producer:
A. Output is set where price is equal to marginal cost. B. Output is set where marginal revenue is equal to marginal cost. C. No output is produced. D. (a) and (b) E. (a) and (c) F. (b) and (c) G. All of the above H. None of the above
The equilibrium solution for the following payoff matrix is: AABA: ?1, B: ?1A: 2, B: 0BA: 0, B: 2A: 1, B: 1
A. 1, 1. B. ?1, ?1. C. 0, 2. D. 2, 0.
A constant-cost industry
A) is one in which an increase in demand is matched by a proportional increases in long-run supply. B) generates increasing profits whenever demand increases because the new long-run equilibrium price is above the old price even though average costs have not changed. C) has a horizontal long-run supply curve. D) has a downward sloping long-run supply curve.
Refer to the given data. This firm is selling its product in:
A. an imperfectly competitive market at prices that decline as sales increase.
B. a purely competitive market at $3 per unit.
C. a purely competitive market at $2 per unit.
D. an imperfectly competitive market at $3 per unit.