In a Sweezy Oligopoly, a decrease in a firm's marginal cost generally leads to:
A. increased output and a lower price.
B. higher output and a higher price.
C. reduced output and a higher price.
D. None of the answers is correct.
Answer: D
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The aggregate supply curve is
a. a schedule showing the relationship between the price level and the quantity of real GDP supplied. b. usually upward sloping. c. relatively flat at low levels of resource utilization. d. All of the above are correct.
The most important influence on the marginal revenue product schedule for computer software engineers would be a change in
A. their productivity. B. a change in the price of laser printers. C. a change in the demand for computer software. D. a change in the quantity of capital available to produce computer software.
Net exports is a positive number when:
A. A nation;s exports of goods and services are increasing B. A nation exports goods and services to other nations C. A nation;s exports of goods and services exceed its imports D. A nation;s exports of goods and services fall short of its imports
Which of the following offers the best example of an external cost?
a. The opportunity cost of money that an entrepreneur has invested in her business b. The payments to owners of labor resources and coal inputs used by a coal-burning electric generating facility c. The price paid by households for electricity service, including both the electricity itself and the cost of transporting the electricity through power lines d. The harms to private property, open-access resources, and human health caused by pollution byproducts of electricity production