Refer to Figure 13-11. What is the amount of excess capacity?
A) Q3 - Q2 units B) Q3 - Q1 units C) Q4 - Q2 units D) Q4 - Q3 units
C
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A supply curve is also a maximum-supply-price curve
Indicate whether the statement is true or false
As the economy recovers from a recession, we should expect that
a. demand for inferior goods will fall and demand for normal goods will rise b. demand for both inferior and normal goods will rise c. demand for inferior goods will rise and demand for normal goods will fall d. demand for both inferior and normal goods will fall e. demand for complements will fall
What entices a second firm to enter a market that was previously a single price monopoly?
What will be an ideal response?
A firm that faces the duopolists' dilemma can avoid the dilemma by:
A. telling customers that it will match any competitor's price. B. undercutting its competitor's price. C. agreeing to join a cartel. D. always choosing its dominant strategy regardless of the other firm's action.