If an oligopolistic manufacturer believes that he faces a kinked demand curve for his product, he thinks his competitors will ______ if he lowers his price and ____ if he raises his price.
A. lower their prices; raise their prices
B. lower their prices; not raise their prices
C. not lower their prices; raise their prices
D. not lower their prices; not raise their prices
Answer: B
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Refer to Figure 10.9. Other things equal, a negative demand shock is best represented as a change in equilibrium from
A) point A to point B. B) point A to point D. C) point C to point B. D) point C to point D.
The countries that dominated world manufacturing in the 1700s were overtaken by 1900 and are now considered struggling nations. Economic structuralists say this happened because Europe developed its economy by
a. establishing capital markets for technologies and industries. b. creating political systems that encouraged innovation and investment. c. conquering and impoverishing the rest of the world. d. letting commerce flourish rather than controlling it.
Number of CakesVCMCAVCFCTCATC0???50??1?30????2?????503??25???4????155?
Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces three cakes, Candy's marginal costs are:
A. $0. B. $25. C. $41.67. D. $75.