The oligopolist ___________ a profit in the long run.
Fill in the blank(s) with the appropriate word(s).
makes
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If an agent is risk neutral and a principal is risk averse, which of the following contracts would be efficient in risk bearing?
A) A fixed fee is paid to the agent. B) A fixed fee is paid to the principal. C) An hourly rate is paid to the agent. D) The agent enjoys a share of the profit.
A dominant strategy is:
A. when one strategy is chosen and cannot be changed without making at least one of the players worse off. B. when one strategy is chosen by a firm first and determines the best strategies of the other players that follow. C. when one strategy is always the best for a player to choose, regardless of what other players do. D. None of these statements is true.
A headline reads: "Fed Cuts the Federal Funds Rate by Half a Point." This suggests that:
a. Monetary policy has eased b. Tax rates have been reduced c. The prime interest rate will rise d. The discount rate will rise
Suppose the inverse market demand is given by P = 75 ? 0.5Q. If the incumbent continues to produce 20 units of output, which of the following equations best summarizes the potential entrant's residual demand curve?
A. P = 65 ? 0.5Q B. P = 20 ? 0.5Q C. P = 65 ? 2Q D. P = 150 ? 2Q