A common characteristic of oligopolies is:
a. interdependence in pricing decisions.
b. independent pricing decisions.
c. low industry concentration.
d. few or no plant-level economies of scale.
a
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Which of the following is a key difference between firms in a perfectly competitive industry and firms in a monopolistically competitive industry?
a) A monopolistically competitive firm does not face entry from other firms. b) A monopolistically competitive firm does not have the exact same product as other firms. c) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue. d) A monopolistically competitive industry does not have a large number of sellers.
The supply curve of a public good shows
A) the marginal cost of producing each unit of the good. B) the total quantities that all producers are willing and able to supply at each price. C) the maximum amount suppliers require to produce each quantity of the good. D) the total cost of producing each unit of the good.
A divisive society is a nonexcludable public _____________ because it comes with ____________.
A. good; utility B. bad; disutility C. bad; utility D. good; disutility
Use the following two statements in answering this question: I. All Giffen goods are inferior goods. II. All inferior goods are Giffen goods
A) I and II are true. B) I is true, and II is false. C) I is false, and II true. D) I and II are false.