Firms in oligopoly can achieve an economic profit
A) always in the long run.
B) if they cooperate.
C) only if the demand for their products is inelastic.
D) only if the demand for their products is elastic.
E) if they reach the non-cooperative equilibrium.
B
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It has been found that
A. less-developed countries have more equality of income distribution. B. more-developed countries have more equality of income distribution. C. only prior communist countries have more equality of income distribution. D. income distribution cannot be measured among countries with different political and economic systems.
According to supply-side theory, if one starts from a balanced budget, a cut in taxes will tend to cause ________
A) a budget deficit B) no change in the federal government budget C) a decrease in aggregate supply and an increase in aggregate demand D) a budget surplus
In the problem of double marginalization, the resulting price is ______than if the manufacturer and the retailer were to merge
a. Higher b. Lower c. The same d. None of the above
Which of the following varies along a given demand curve?
a. consumer preferences b. prices of substitutes c. prices of complements d. the price of the good itself e. income