Which of the following is not a characteristic of oligopoly?
A) the ability to influence price B) a small number of firms
C) interdependent firms D) low barriers to entry
D
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The demand curve for euros (in terms of U.S. dollars) is ________.
A. downward-sloping because, at lower dollar prices for euros, Americans will want to buy more European goods and services B. downward-sloping because the dollar price of euros and the euro price of dollars are directly related C. downward-sloping because, at higher dollar prices for euros, Americans will want to buy more European goods and services D. upward-sloping because a higher dollar price of euros makes European goods and services more attractive to Americans
The authors cited statistical evidence that the price elasticity of demand for Royal Crown cola is -2.4, and the price elasticity of demand for Coke is roughly -5.5
Which firm likely has stronger brand loyalty among customers that provides greater potential for monopoly power in the cola market? A) Coke B) Royal Crown C) Both firms should have identical monopoly power D) We do not have enough information to answer this question.
Which of the following statements is not correct?
a. Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. b. Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. c. Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. d. Both monopolistic competition and perfect competition are characterized by product differentiation.
Calculate the firm's total profit.
