Which model highlights the effects of market power obtained from product differentiation?
a. The contestable market model.
b. The Cournot model of oligopoly.
c. The Bertrand model of oligopoly.
d. The monopolistic competition model.
d. The monopolistic competition model.
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In regulated industries, the optimal regulation is to set price such that MC=P
a. True b. False Indicate whether the statement is true or false
Since 1929, total government taxes as a percentage of GDP:
a. climbed from 10 percent to about 30 percent. b. remained close to 30 percent. c. climbed from 30 percent to about 50 percent. d. climbed from 15 percent to about 50 percent.
Which of the following would occur if the marginal cost of extracting oil rose?
A. People would use more oil. B. Oil producers would increase their production of oil. C. People would use less oil. D. Oil company profits would rise.
Suppose that under its collective bargaining agreement, the XYZ Co. can only hire union members in good standing at the time of hiring. XYZ Co. is
A. a company union. B. an open shop. C. a union shop. D. a closed shop.