If Happy Cleaners and Sparkle Cleaners are in a Cournot oligopoly and Happy Cleaners has a higher cost of production than Sparkle Cleaners, in equilibrium, Happy Cleaners will produce ________ than Sparkle Cleaners and earn an economic profit that is ________ Sparkle Cleaners.
A) more; less than
B) less; less than
C) less; the same as
D) more; the same as
B) less; less than
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Consumer surplus is created when
a. a person trades away a good that yields diminishing marginal utility b. a person's total utility increases when consuming an additional unit of a good c. a good is purchased at a price that is less than the price the consumer would have been willing to pay d. the total utility of a good is greater than its marginal utility e. many consumers want to buy a good and the price goes up
If the firm shown in the table changes the quantity it produces to 7, what would be the result?
a. The company would take a loss.
b. The company would make a slight profit.
c. The company would break even.
d. The company would make a large profit.
For perfectly competitive firms, marginal revenue ________ price; for monopolists marginal revenue ________ price.
A. equals; is less than B. equals; equals C. equals; is greater than D. is less than; equals
Since the late? 1940s, the overall labor force participation rate
What will be an ideal response?