Oligopolistic firms
A. are few in number.
B. are interdependent.
C. charge a higher price and produce a smaller output than perfect competitors.
D. all of the choices are true of oligopolistic firms.
D. all of the choices are true of oligopolistic firms.
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A common mistake made by consumers is the failure to take into account the sunk costs of their actions
Indicate whether the statement is true or false
Which of the following is true?
A) All of the above are true. B) The parents of successful entrepreneurs almost always have at least a college education. C) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others. D) Entrepreneurs are under-represented among millionaires.
Refer to the data. If the firm closed down in the short run and produced zero units of output, its total cost would be:
A. zero.
B. $50.
C. $150.
D. $100.
Why is a sunk cost not part of the opportunity cost of a decision?
A. Sunk costs are a part of the opportunity cost of a decision. B. Because the expense would too often outweigh the benefits. C. Because the money is gone, regardless of the decision made. D. Because the chances of recouping it are infinitesimally small.