As a group, oligopolists would always earn the highest profit if they would
a. produce the competitive quantity of output.
b. produce more than the competitive quantity of output.
c. charge the same price that a monopolist would charge if the market were a monopoly.
d. operate according to their own individual self-interests.
C
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During which of the following periods was growth in GDP per capita the strongest?
A) prior to 500 A.D. B) 500 A.D. to 1800 A.D. C) 1800-1900 A.D. D) 1900-2000 A.D.
If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the relative price of T is
A) $2. B) 50 cents. C) 1/2 S. D) Need more information to answer.
Official data may overstate the extent of poverty because
A. poverty is a relative concept as opposed to an absolute concept. B. it does not add “in-kind” transfers to the incomes of the poor. C. it overstates the taxes paid by the poor. D. it overestimates the amount the poor earn in the “underground economy.”
Suppose a firm can estimate its demand with 100 percent accuracy. In this case, the value of the forecast is equal to ________.
A) zero B) the actual profit the firm earns from having the forecast C) the amount of profit the firm would lose from not having the forecast D) infinity