A group of firms that agree to coordinate their production and pricing decisions to reap monopoly profit is called an oligopoly
a. True
b. False
B
You might also like to view...
Assume an individual is considering opening a new car dealership in a medium-sized metropolitan area (population = 200,000 )
Provide a list of economic variables you would recommend that the person consider in making his decision whether to open the business, and explain your rationale for including each variable.
A government is considering undertaking one or more construction projects. The estimated marginal cost and benefit of each project are given in the table.ProjectMarginal Cost ($M)Marginal Benefit ($M)1$8$11211133181742823Refer to the above table and information. What is the net benefit of project 2?
A. $2 million B. $1 million C. $5 million D. $3 million
Fixed cost is:
A. any cost that does not change when the firm changes its output. B. usually zero in the short run. C. the cost of producing one more unit of capital, say, machinery. D. average cost multiplied by the firm's output.
The effect time lag of fiscal policy refers to
A. the difficulty in getting the President and the Congress to agree on an appropriate policy. B. the time between the onset of a policy and when the policy has impact on the economy. C. the time needed for Congress to enact a policy. D. the delay in recognizing an economic problem.