The pricing strategy in which one firm is allowed to establish the market price for all firms in the market is called
A. The profit-maximizing rule.
B. Price leadership.
C. Marginal cost pricing.
D. Price discrimination.
Answer: B
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A typical supply curve has
A. slope equal to zero. B. slope equal to infinity. C. negative slope. D. positive slope. E. constant slope.
Game theory is the tool that economists use to analyze strategic behavior, which is behavior that takes into account the ________ behavior of others and the mutual recognition of ________
A) unexpected; interdependence B) unexpected; independence C) expected; interdependence D) expected; independence E) random; profit
The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market
A) monopoly; perfectly competitive B) monopolistic competitive; monopoly C) perfectly competitive; monopoly D) perfectly competitive; monopolistic competitive
The two parts of the Keynesian consumption function are consumption that depends on ________ and consumption that depends on ________.
A. planned spending; unplanned spending B. real income; nominal income C. money; wealth D. disposable income; factors other than disposable income