Which does NOT cause an industry that might otherwise be competitive to tend toward oligopoly?
A. economies of scale
B. strategic independence
C. mergers
D. barriers to entry
Answer: B
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The income-expenditure model focuses on changes in price levels
Indicate whether the statement is true or false
Suppose that the government enacts a tax on Good X. In order to estimate the effect of the tax on the quantity demanded of a related good, Good Y, we can use the concept of the:
A) price elasticity of demand. B) income elasticity of demand. C) cross-price elasticity of demand. D) cost elasticity of demand.
If 40 rupees = $1, then one rupee = _____________.
Fill in the blank(s) with the appropriate word(s).
An entitlement is
A) government spending on things like military salaries. B) guaranteed benefits under some government programs. C) another word for a government budget surplus. D) the payments to the private sector in exchange for goods and services.