Tom and Jack are the only two local gas stations. Although they have different constant marginal costs, they both survive continued competition. Tom and Jack do NOT constitute a:
A. Bertrand oligopoly.
B. Sweezy oligopoly.
C. Stackelberg oligopoly.
D. Cournot oligopoly.
Answer: A
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The nominal interest rate equals the real interest rate ________ the inflation rate
A) plus B) times C) minus D) divided by
Big Woods is a lumber firm that sells plywood sheets to local builders. If the annual holding cost of a sheet of plywood is $8 and the managers of Big Woods order 700 sheets of plywood, what is the total annual carrying costs of the inventory?
A) $2,800 B) $5,600 C) $2,000 D) $6,000
Four main arguments have been made for trade protection: (1) the ______ argument; (2) the _______ argument; (3) the ________ argument; and (4) the ________ argument.
Fill in the blank(s) with the appropriate word(s).
Why is it hypothesized that the slope of the age-earnings profile is likely steeper for workers who remain with their job (i.e., job stayers) compared to workers who experience job separation (i.e., quits and layoffs)?
A. Workers who experience a job separation experience a jump down in the age-earning profile, which then must be flatter by construction. B. Workers who experience job turnover, both quits and layoffs, are less productive than job stayers. C. Workers with longer tenure at their current firm have invested more in valuable firm-specific training. D. Workers who experience a job separation must pay for their own job retraining. E. None of the above explain why the age-earnings profile is steeper for job stayers compared to workers who experience job separation.