The use of a directive interview makes it more difficult for supervisors to compare one applicant's background to another.
Indicate whether the statement is true or false.
Answer: False
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In a perfectly competitive market, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________
A) infinite; infinite B) less than infinite; infinite C) infinite; less than infinite D) less than infinite; less than infinite
An oligopolistic industry is characterized by all of the following except
A) production of standardized or differentiated products. B) firms pursuing aggressive business strategies, independent of rivals' strategies. C) existence of entry barriers. D) the possibility of reaping long-run economic profits.
Which of the following can be a barrier to entry, closing a market to new firms?
A) an elastic industry demand curve B) control of a vital resource by one producer C) diseconomies of scale D) ease of obtaining capital financing
When a single firm in an oligopoly market decides to increase output, that firm:
A. feels the quantity effect, but other firms feel the price effect. B. feels both the quantity effect and price effect, but other firms only feel the price effect. C. feels the price effect, but other firms feel the quantity effect. D. feels the price effect, but other firms feel both the price and quantity effects.