In an industry with network effects and differentiated products, it is possible for the industry to become an oligopoly if
A) they engage in a zero-sum game.
B) they use a price-leadership model.
C) they use a kinked demand curve model.
D) a few firms reap most of the sales gains resulting from positive market feedback.
D
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Between 1929 and 2005 in the United States, as measured by the Lorenz curve, income inequality:
a. was greater. b. remain unchanged. c. was less. d. increased sharply.
The diagram above illustrates the market for apartments in Victoria, British Columbia
a) If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus? b) What is the equilibrium rent and quantity of apartments?
The economic profit earned by a firm is calculated by subtracting explicit costs from total revenue
a. True b. False Indicate whether the statement is true or false
If the government increases the income tax rate:
A. disposable income decreases. B. disposable income increases. C. disposable income remains unaffected. D. total income increases.