In markets characterized by oligopoly,
a. the oligopolists earn the highest profit when they cooperate and behave like a monopolist.
b. collusive agreements will always prevail.
c. collective profits are always lower with cartel arrangements than they are without cartel arrangements.
d. pursuit of self-interest by profit-maximizing firms always maximizes collective profits in the market.
A
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A perfectly competitive firm should shut down in the short-run if price falls below the minimum of
A) marginal cost. B) marginal revenue. C) average total cost. D) fixed costs. E) average variable costs.
The long-run average total cost curve of a firm is flat in the middle because the firm operates at constant returns to scale at those points
a. True b. False Indicate whether the statement is true or false
Kristi and Rebecca sell lemonade on the corner for $0.50 per cup. It costs them $0.10 to make each cup. On a certain day, their producer surplus is $20 . How many cups did Kristi and Rebecca sell?
a. 40. b. 200. c. 8. d. 50.
A budget surplus is defined as:
A. a shortfall of revenues compared to expenditures. B. accumulated surpluses minus accumulated deficits. C. accumulated deficits minus accumulated surpluses. D. a shortfall of expenditures compared to revenue.