Because wages of sports stars can change frequently, their wages are considered:
A. auction prices.
B. custom prices.
C. sticky prices.
D. irrational prices.
Answer: A
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What can lead to the shift illustrated in the figure above?
What will be an ideal response?
A profit-maximizing monopolist
A. engages in more research and development activity than a perfectly competitive firm. B. produces the output level where P = MC. C. produces less output than a perfectly competitive industry. D. produces at the unit elastic point on the market demand curve.
Oligopolistic firms never collude because they have almost no incentive to do so
a. True b. False Indicate whether the statement is true or false
In order to maintain high prices, a cartel must get its members to
A. develop new sources. B. leave production unchanged. C. reduce production. D. increase production.