Historically, the U.S. steel industry has been a good example of
a. monopolistic competition
b. a cartel
c. a pure monopoly
d. the kinked demand curve model of oligopoly
e. the price leadership model of oligopoly
E
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Refer to the scenario above. What is the payoff to Firm B in equilibrium?
A) $2.6 million B) $0 C) $4 million D) $3 million
Which of the following is a characteristic of a firm in a perfectly competitive market?
A) The firm must lower its price in order to increase quantity demanded. B) The firm cannot make a profit in the short run because it is too small a part of the total market. C) The firm can make a profit in the long run but not in the short run. D) The firm can sell as much as it wants without having to lower its price.
During an expansion, how do inflation and unemployment typically change?
A) Inflation and unemployment both fall. B) Inflation falls and unemployment rises. C) Inflation and unemployment both rise. D) Inflation rises and unemployment falls.
Sugar and honey are viewed as substitutes for each other in many recipes. If the price of sugar rises, we would expect: