Oligopoly differs from perfect competition because a single competitive firm's behavior does not affect the behavior of its competitors while the behavior of a single oligopolistic firm does affect the behavior of its rivals
Indicate whether the statement is true or false
TRUE
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An experiment refers to:
A) a simplified representation of some real life phenomenon. B) the process of collecting, measuring, and organizing data. C) validating the claims of a model using statistics and facts. D) a controlled method of investigating causal relationships among variables.
If the demand for a good is perfectly elastic, then the demand curve is horizontal
Indicate whether the statement is true or false
Investment in health and education
a. slows growth because it takes resources from growth-creating sectors b. is harmful because it encourages families to have children c. is beneficial because in improves the capabilities of the population d. is beneficial because it provides jobs for doctors and teachers e. none of the above
If demand is relatively elastic and supply is relatively inelastic, then the incidence of a tax will fall mainly on consumers
a. True b. False Indicate whether the statement is true or false