Which of the following is not a common characteristic of oligopolistic firms?
a. high barriers to entry
b. mutual interdependence
c. a large number of sellers
d. nonprice competition
c
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PriceQuantity Demanded$4300$3400$2500$1600Refer to the above data. What is the elasticity of demand between the prices of $3 and $2?
A. 0.22 B. 0.56 C. 1.22 D. 0.40
The optimal combination of pizza and Coke is the one
a. where marginal utility of pizza equals marginal utility of Coke. b. where total utility of pizza equals total utility of Coke. c. where marginal utility per dollar spent on pizza equals marginal utility per dollar spent on Coke. d. none of the above
Great Nuggets finds that there is a clear gender difference in the demand for their chocolates. Men have very little price sensitivity and tend to buy whatever the sales clerk recommends. Women, on the other hand, tend to ask many questions about product quality and attempt to maximize the quantity available for the price. Great Nuggets would like to implement a two-tier pricing system based on gender. What (nonlegal) problems would it encounter?
What will be an ideal response?
Which of the following statements is FALSE?
A. An equal distribution of income would eliminate absolute poverty. B. In a relative sense, the problem of poverty will always exist. C. An equal distribution of income would eliminate relative poverty. D. The official absolute poverty level in the United States is far above the average income of many countries in the world.