The word oligopoly means
A) elastic demand.
B) few sellers.
C) independent action.
D) interdependent selling.
E) predatory pricing.
B
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By donating $1,000 to the Salvation Army, Caroline reduces her taxable income. To Caroline, the reduction in her taxable income is
A) an incentive. B) an opportunity cost. C) the margin. D) a marginal benefit. E) a marginal cost.
When one automaker begins offering low cost financing or rebates, others tend to do the same. What two oligopoly models might offer an explanation of this behavior?
What will be an ideal response?
The difference between the price of electronic equipment in a retail store and on the Internet partly reflects:
A. the value of personal attention and support at a retail store. B. the extent to which middlemen drive the price up for extra profit. C. excessive markup. D. the lack of competition between brick and mortar stores and online stores.
What is a possible explanation as to why workers who have been on the job for a long time earn more than newly hired workers?
A. Workers in long-lasting job matches accumulate specific training over time, which increases the workers' productivity. B. Workers in bad job matches tend to stay on the job longer. C. Young workers are more productive than older workers. D. U.S. law requires older workers to be paid more than younger workers. E. The positive effects of general training on education erode over time.