Which statement is false?
A. The kinked demand curve represents oligopoly with collusion.
B. The kinked demand curve is associated with sticky prices.
C. Administered prices occur more frequently under oligopoly than under other forms of competition.
D. None of these statements are false.
A. The kinked demand curve represents oligopoly with collusion.
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Agraria uses bushels of wheat to quote prices. In this case, bushels of wheat act as a
A. medium of exchange. B. store of value. C. commodity value. D. unit of account.
Monetarists
A. argue for the use of discretionary monetary policy. B. contend that government policies have reduced the stability of the economy. C. believe a capitalistic economy is inherently unstable. D. believe the markets in a capitalistic economy are largely noncompetitive.
Marginal revenue product is measured by
a. MR × price of the good b. MR × MC c. TR / MPP d. MPP × price of the good e. TC / MPP
The natural monopoly in Figure 13.3 wants to charge a price of:
A. P1. B. P2. C. P3. D. P4.