Administered prices are most likely to occur
A. when a cartel dominates the industry.
B. under cutthroat competition.
C. under monopolistic competition.
D. in any of these competitive situations.
B. under cutthroat competition.
Economics
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Discuss the difference between a private cost and a social cost
What will be an ideal response?
Economics
If the firm in Figure 17-4 above maintains its set price of P0, rather than dropping price to P1, this reduces its profit by
A) K - G. B) K + G. C) G - K. D) G + H. E) G.
Economics
If in some production range average cost is rising, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
Economics
Explain the equimarginal rule.
What will be an ideal response?
Economics