The Chamberlin oligopoly provides a foundation for ________ and differs from the Cournot oligopoly as it assumes firms ________ to each other's actions.
A) tacit collusion; do not respond
B) cartels; respond
C) tacit collusion; respond
D) cartels; do not respond
C) tacit collusion; respond
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The use of government to supplant market outcomes is called
A) market failure. B) rent seeking. C) free riding. D) efficiency.
If the price level falls, the real value of a dollar
a. rises, so people will want to buy more. This response helps explain the slope of the aggregate demand curve. b. rises, so people will want to buy more. This response shifts aggregate demand to the right. c. falls, so people will want to buy less. This response helps explain the slope of the aggregate demand curve. d. falls, so people will want to buy less. This response shifts aggregate demand to the left.
When demand increases, in the short run the purely competitive firm:
A. can alter available inputs and output as well as the size of the plant. B. will earn higher profits or experience smaller losses. C. will experience no change in costs as it steps up production. D. will spend more on advertising.
The consumption function will shift because of a change in current disposable income.
Answer the following statement true (T) or false (F)