Sticky prices in oligopoly markets are
A. represented by the kinked demand curve model.
B. typical of cartels.
C. most common for highly differentiated products.
D. a result of price discrimination.
A. represented by the kinked demand curve model.
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An economic model is a simplified version of reality used to analyze real-world economic situations
Indicate whether the statement is true or false
A perfectly competitive firm will hire workers up to the quantity at which the wage rate equals the
A) marginal revenue product of labor. B) marginal factor cost of labor. C) price of the extra output produced. D) average physical product of labor.
Which of the following statements is true?
a. Planned economies have fared very well in recent years, with many of these economies thriving. b. Command economies operate the most efficiently because the government makes all the production decisions. c. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute d. In command economies, consumers still exercise choice.
Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). According to the Application, the differential survival of the wealthy created an environment:
A. which allowed for economic growth. B. which caused increased class warfare. C. where lower-class people could no longer afford to live in the country. D. that directly led to the demise of the British monarchy.