Opportunistic behavior by oligopolies means
A. that firms cooperate in the short run for current gains.
B. that firms cooperate in both the long run and in the short run to prevent others from entering the industry.
C. that firms refuse to cooperate in the short run.
D. that firms refuse to honor their product guarantees.
Answer: A
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Inferior goods are those for which demand increases as
A) the price of a substitute falls. B) the price of a substitute rises. C) income decreases. D) income increases.
When a supply curve is relatively flat, the
a. sellers are not at all responsive to a change in price. b. equilibrium price changes substantially when the demand for the good changes. c. supply is relatively elastic. d. supply is relatively inelastic.
A decision by a government to sell businesses that currently are operated by the government to private investors is an example of ________ policy.
A. monetary B. aggregation C. structural D. fiscal
The payment of interest not only on the original deposit, but on all previously accumulated interest is called:
A. simple interest. B. the real interest rate. C. the nominal interest rate. D. compound interest.