In an industry with a large number of firms,
A) each firm will produce a large quantity, relative to market demand.
B) one firm will dominate the market.
C) collusion is impossible.
D) competition is eliminated.
E) barriers to exit must exist.
C
You might also like to view...
The textbook's example of urban traffic flows demonstrates the notion of single-minded pursuits of one's own best interest
A) creates traffic jams. B) interferes with achievement of the public interest. C) produces social cooperation under appropriate rules of the road. D) will not work to any single person's advantage. E) will work to some people's advantage but will harm the vast majority.
Consumer finance companies, because of the __________-term nature of their liabilities, prefer to hold __________-term assets
A) long; long B) long; short C) short; long D) short; short
Rosa deposits $100 in a bank account that pays an annual interest rate of 20 percent. A year later, after Rosa has accumulated $20 in interest, she withdraws her $120 . Rosa's purchasing power
a. did not change if the inflation rate was 20 percent. b. decreased if the inflation rate was -5 percent. c. increased if the inflation rate was 22 percent. d. More than one of the above is correct.
If revenues exceed ________, profit is ________.
A. fixed cost; positive B. total cost; negative C. total cost; positive D. variable cost; negative