Compared to perfect competition, in oligopoly:
a. price is normally lower.
b. profits are normally lower.
c. both price and profits are normally higher.
d. firms act more independently.
c
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A payment that a person receives from the government for engaging in a particular activity is called a
A) bribe. B) subsidy. C) consumer surplus. D) tariff.
The new growth theory that arose in the late 1980s has been described as ________ because it treats technological change as ________
A) exogenous, random unpredictable shocks B) exogenous, generated by market incentives C) endogenous, random unpredictable shocks D) endogenous, generated by market incentives
"People who make more money should pay higher taxes" is an example of
a. the benefits principle. b. horizontal equity. c. vertical efficiency. d. the ability-to-pay principle.
Which of the following are reasons to suspect spending on education might overestimate human capital investment?
A) Education spending leaves out foregone wages. B) Part of total spending on education is really consumption. C) Much human capital investment comes from on-the-job training. D) all of the above E) none of the above