If a duopoly has reached the monopoly outcome, a firm can increase its profit if it and it alone ________ its price and ________ its production
A) raises; increases
B) raises; decreases
C) lowers; increases
D) lowers; decreases
E) raises; does not change
C
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When there is a threat of inflation in the economy, the Fed can ________ the federal funds rate to ________ aggregate demand and ________ the price level
A) raise; decrease; decrease B) lower; increase; increase C) lower; increase; decrease D) raise; increase; decrease E) raise; decrease; increase
Economists using marginal utility theory assume that consumers' objectives are to
A) maximize their total utility. B) maximize their marginal utility. C) maximize their income. D) none of the above.
Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries at $65,000. Which of the following is the result of the legislation?
A) The supply of English professors increases and the supply of business professors decreases. B) There will be a surplus in the market for English professors and the market for business professors will not be affected. C) There will be a surplus in the market for English professors and a shortage in the market for business professors. D) The demand for English professors decreases and the demand for business professors increases.
Which four nations account for most of the population and economic activity in Latin America?
What will be an ideal response?