The demand curve will be kinked if rival oligopolists
A. Match both price increase and price reductions.
B. Do not match price changes at all.
C. Match price increases but not price reductions.
D. Match price reductions but not price increases.
Answer: D
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For a perfect competitor, price equals
A) marginal revenue only. B) average revenue only. C) both average revenue and marginal revenue. D) neither marginal revenue nor average revenue.
Which of the following is true? a. Even intangible goods can be subjected to economic analysis
b. Wealthy individuals who decide to donate money to charity face the constraints of scarcity. c. Increases in production would not enable us to eliminate scarcity. d. All of the above
What term do economists use to refer to the satisfaction that an individual expects to receive from consuming a good or service?
a. utility b. response c. usability d. demand e. desirable
Workers who organize to bargain collectively for wages and working conditions form a
a. joint council b. labor cartel c. labor federation d. collective e. labor union