One indication that an industry might be oligopolistic is that prices change
a. infrequently.
b. frequently.
c. in rhythmic patterns.
d. on a regular, periodic basis.
a
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The short-run average cost curve shows the lowest possible average cost corresponding to each output level, assuming that all inputs are variable.
Answer the following statement true (T) or false (F)
One reason why the average salary of Major League Baseball players is higher than the average salary of college professors is
A) competition among baseball club owners forces player salaries to be much higher than the players' marginal revenue products. B) the marginal revenue product of baseball players is greater than the marginal revenue product of college professors. C) the careers of most baseball players are much shorter than the careers of most college professors. D) college professors accept lower salaries in exchange for better working conditions.
In short-run equilibrium in a perfectly competitive market,
a. the price varies along the market supply curve b. each consumer can buy whatever quantity he wishes to buy at the market price c. the price varies along the market demand curve d. the market demand curve is horizontal e. the market demand curve is vertical
A market in which there are many firms each selling differentiated products is most likely a ________ market.
A. perfectly competitive B. monopoly C. monopolistically competitive D. natural monopoly