Omega, Inc., accounts for 15 percent of total sales in its industry. It uses a highly technical process on a raw material that is difficult to acquire. The firm closely monitors pricing and output developments in its industry. What additional information is needed to classify this industry as part of an oligopoly?
a. the number of patents held by Omega’s competitors
b. the number of competitors and their market shares
c. the level of government restriction on the industry
d. the start-up costs for a new firm entering the industry
b. the number of competitors and their market shares
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The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton
A) $700; $300 B) $500; $700 C) $500; $300 D) $14; $16 E) $16; $14
The largest component of the M1 measure of money is
A) currency. B) demand deposits. C) other checking deposits. D) money-market mutual funds.
Suppose there are two drivers, Jermaine and Janet. Jermaine is not a very safe driver. In fact, there is a 7.5% chance that he will have an accident within the next year. Janet is a relatively safe driver. Her chances of having an accident in the next year are only 1%. If Jermaine is involved in an accident, he will cost the insurance company $1,000,000. If Janet is involved in an accident, she will only cost the company $500,000. What is the expected pay-out that the company can expect from insuring these two?
What will be an ideal response?
Suppose you want to maximize your total utility. If your marginal utility per dollar spent is higher for one good than for all others, then you should:
A. spend more on all goods. B. reallocate your spending away from that good. C. reallocate your spending towards that good. D. spend less on all goods.