If two firms comprise the entire soft drink market, the market would be a(n)
a. Nash equilibrium.
b. monopolistically competitive market.
c. oligopolistically competitive market.
d. duopoly.
d
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If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is
A) -1.25. B) inelastic. C) Both A and B above. D) Neither A nor B above.
If your income increases by $1,500 and you only consume $900 of it, your marginal propensity to consume would be equal to:
What will be an ideal response?
The economic functions of government include
A. setting wages in the public sector. B. protecting property rights. C. welfare. D. determining prices.
Total utility is maximized in the consumption of two goods by
A) equating the marginal utility for each good consumed. B) equating the marginal utility per dollar spent for each good consumed. C) equating the total utility of each good divided by its price. D) maximizing expenditure on each good.