Which of the following statements about oligopolies is not correct?
a. An oligopolistic market has only a few sellers.
b. The actions of any one seller can have a large impact on the profits of all other sellers.
c. Oligopolistic firms are interdependent in a way that competitive firms are not.
d. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues.
d
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The cultural hypothesis of economic growth claims that:
A) most of the ancient cultures of the world have almost been forgotten post-globalization. B) different values and cultural beliefs cause differences in prosperity around the world. C) a common global culture is automatically created through liberal trade practices. D) values and cultural beliefs are proximate causes for differences in prosperity around the world.
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is the profit-maximizing sales quantity for baseball gloves?
A. 10 B. 20 C. 30 D. 60
Income tax payments
a. fall during periods of prosperity, thus reducing inflationary pressures b. fall during periods of prosperity, thus increasing inflationary pressures c. rise during periods of prosperity, thus reducing inflationary pressures d. fall during recessions, thus increasing the problem of unemployment e. rise during recessions, thus increasing the problem of unemployment
A decrease in price of a certain good most likely will lead to
a. an increase in quantity demanded and an increase in demand. b. an increase in quantity demanded but no change in demand. c. an increase in demand but no change in quantity demanded. d. no change in demand and no change in quantity demanded.