To the extent that oligopolies differentiate their products,
A. there is the promise of new and exciting products.
B. there is overproduction from society's point of view.
C. they are also likely to price at marginal cost.
D. they force themselves into deadlocks that waste resources.
Answer: A
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The expenditures or output approach to GDP measures it by summing up ________.
A. the total spending for consumption, investment, net exports, and government purchases B. compensation of employees, rents, interest, dividends, corporate profits, proprietors' income, and indirect business taxes and subtracting the consumption of fixed capital C. compensation of employees, rents, interest, dividends, undistributed corporate profits, proprietors' income, indirect business taxes paid, consumption of fixed capital, and net foreign factor income earned in the United States D. the total spending for consumption and government purchases but subtracting public and private transfer payments
On a given linear demand curve, as price increases demand becomes:
A. more negative. B. more variable. C. more elastic. D. less elastic.
Positive expected profits:
A. increase product demand. B. discourage people from supplying goods. C. encourage people to supply goods. D. have no effect on supply decisions.
In the short run, the quantity of available hotel rooms is not particularly responsive to changes in price because hotels take time to build and to destroy. This implies that the short-run supply of hotel rooms is
A. in equilibrium. B. inelastic. C. elastic. D. greater than demand.