What is an imperfectly competitive industry?
What will be an ideal response?
An imperfectly competitive industry is an industry in which single firms have some control over the price of their output.
You might also like to view...
The term “satisficing” indicates an optimal choice.
Answer the following statement true (T) or false (F)
The table above lists the market shares of the twenty makers of personal computers. The Herfindahl-Hirschman Index for this industry equals
A) 5. B) 250. C) 1250. D) 500.
In perfect competition, when market demand decreases, explain how the price of the good and the output and profit of each firm changes in the short run
What will be an ideal response?
Government regulation in the form of subsidies, tariffs, licensing, and inspections does which of the following?
(a) Creates rents for businesses (b) Offers profits to some businesses at the expense of others (c) Encourages the inefficient use of productive resources (d) All of the above