Which statement about oligopoly is false?
A. Monopolistic firms recognize their interdependence
B. Prices in oligopoly are predicted to fluctuate widely and frequently
C. A few firms play an important role in the sale of a product
D. One firm's behavior is a function of what its rivals do
B. Prices in oligopoly are predicted to fluctuate widely and frequently
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Referring to Figure 19.2, the effect of an increase in Japanese prices is represented by a movement from point
A) d to c. B) c to d. C) a to d. D) a to b.
According to the graph shown, producer surplus is:
A. $36.
B. $48.
C. $120.
D. None of these.
When a perfectly competitive, well-functioning market is not in equilibrium:
A. total surplus is not maximized. B. there are no exchanges that can make some better off without someone becoming worse off. C. the market is efficient. D. All of these are true.
Economists call a production period that is too brief for some of the inputs to be varied the ______.
a. short run b. long run c. fixed term d. fiscal year