An oligopoly with a dominant price leader will produce a level of output below that which would prevail under ________ and above that which a ________ would choose in the same industry.
A. competition; monopolist
B. monopoly; cartel
C. monopoly; competitive industry
D. cartel; competitive industry
Answer: A
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When Cody went to the physician with a sore elbow, after hearing Cody's symptoms and examining the elbow manually, Cody's physician had two options: (1) prescribe an anti-inflammatory drug and advise Cody to abstain from vigorous physical activity for a period; or (2) advise Cody to undergo a magnetic resonance imaging (MRI) exam, a costly diagnostic procedure. Which of the following physicians is more likely to recommend option 2?
A. A physician who is concerned about the marginal cost of an MRI. B. All physicians would recommend option 2. C. A physician who is compensated under a conventional health insurance plan. D. A physician who is part of an HMO.
The difference between exports and imports in GDP is called
A) import tariffs. B) net exports. C) net imports. D) gross imports.
If the exchange rate has been $1.50 per British pound but now falls to $1.25 per British pound, there will be
a. more U.S. imports from Great Britain because the price of pounds has fallen b. more exports to Great Britain because the price of pounds has risen c. fewer exports to Great Britain because the price of the pound has risen d. more U.S. exports to Great Britain since the price of the dollar has fallen e. no change in either exports or imports
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)