In an oligopolistic industry, there are many small firms that produce identical goods at identical costs
a. True
b. False
Indicate whether the statement is true or false
False
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Both competitive firms and monopolies produce at the level where marginal cost equals marginal revenue. Then, other things remaining the same, why is price lower in a competitive market than in a monopoly?
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For a nondiscriminating monopolist, which of the following statements is true?
a. Unlike a firm in perfect competition, a monopolist produces where MR > MC. b. The monopolist's marginal revenue curve is the same as its demand curve. c. The monopolist will always produce in the inelastic range of its demand curve. d. The monopolist does not have a supply curve. e. The monopolist produces where MR < MC.
Predicting the future is very difficult to do. Which of the following is not a reason for this difficulty?
a. Economists often use historic trends to predict the future, but these historic trends rarely stay the same. b. Economists often use historic interrelationships to predict the future, but these interrelationship trends rarely stay the same. c. A very broad range and combination of economic variables can influence the economic activity. d. Economists often use major historic shocks (such as energy crises) to predict the future, but these major shocks occur irregularly.
The text expends considerable effort detailing the reengineering of a hospital. At the end of the case study, the text notes that the changes in process and structure inside the hospital were complementary. In the context of organizational architecture, what does this mean?
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