Managers in oligopoly firms must
A) eliminate any barriers to entry if they hope to make short-run profits.
B) advertise heavily in order to differentiate their product.
C) anticipate the reaction of rival firms.
D) establish many varieties of their products to cover the spectrum of consumer tastes.
Answer: C
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Carefully explain some of the similar problems faced by otherwise diverse countries in Africa, Asia, and Latin America
What will be an ideal response?
In the 1970s, the U.S. economy ________
A) grew at a faster pace than in the previous decade B) experienced low inflation C) experienced increases in unemployment D) all of the above E) none of the above
Regarding the costs of regulation, which is a FALSE statement?
A) Airline safety standards have increased the price of air travel. B) Automobile safety standards raise the price of cars. C) Regulatory spending by federal agencies has decreased since 1970. D) Pharmaceutical manufacturing safety standards raise the price of drugs.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00:
A. the market supply of milk is 33 units. B. the market supply of milk is 15 units. C. the market supply of milk is 18 units. D. the market supply of milk is 42 units.