Why do oligopolists use product development and advertising?
A. They contribute to productive and allocative efficiency in markets.
B. They enhance the public good by providing information and new products.
C. They create conditions for mutual interdependence and support.
D. They are less easily duplicated than price cuts as a competitive strategy.
Answer: D
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Refer to the scenario above. What is the present value of the gift voucher for Susan?
A) 30 utils B) 45 utils C) 90 utils D) 180 utils
If Tattling Tina does not tattle, what would Bratty Brenda's best response be
a. Hit b. Not hit c. Run d. Hide
In the short run, an expansion of output always causes in an increase in: a. TC
b. AFC. c. AVC. d. MC.
Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics decreases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium wage for university economics professors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium wage.