The higher the degree of oligopolization
A. the greater the likelihood of collusion.
B. the smaller the likelihood of collusion.
C. the greater the likelihood of product differentiation.
D. the greater the likelihood of cut-throat competition.
A. the greater the likelihood of collusion.
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Most consumers in stores use marginal analysis to make their buying decisions.
Answer the following statement true (T) or false (F)
People are forced to economize because of
A. competition. B. pressure to conform. C. scarcity. D. the absence of money.
The distribution of income in a market economy is determined by
A. the level of employment and prices of the factors of production. B. the prices of factors of production. C. largely unknown forces, which economists seek to discover. D. decisions of government offices related to distribution.
Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table below shows the reservation prices of the eight students enrolled in the class.StudentReservation Price($/Book)Q60R54S48T42U36V30W30X30 What will be Campus Books' economic profit if it must charge a single price to all of its customers?
A. $180 B. $120 C. $130 D. $128