The apparent stickiness of the price of goods sold by oligopolists can be explained by the
A. contestable markets model.
B. sales maximization model.
C. kinked demand curve model.
D. entry deterrence model.
Answer: C
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Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Suppose that a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has an absolute advantage in:
A. the production of bananas, but not tomatoes. B. the production of both bananas and tomatoes. C. the production of tomatoes, but not bananas. D. neither good.
Whether an oligopoly consists of 3 firms or 10 firms, the level of output likely will be the same
a. True b. False Indicate whether the statement is true or false
If two airlines wish to merge, they must seek permission of the
A. Agency for International Air Traffic. B. Federal Anti-Trust Agency. C. Federal Trade Commission. D. Federal Communications Commission.
An example of a nontradable good is:
A. fresh pizza. B. a double-decker bus tour of London. C. insurance services. D. All of these would be considered a nontradable good.