When the FTC investigated whether firms conspired to fix prices of computer memory called dynamic random-access memory (DRAM) chips, Samsung, Micron Technology, Hynix Semiconductor, and Infineon controlled more than 75 percent of the market for DRAM chips. The market for these chips is most likely:
A. oligopolistic.
B. monopolistic.
C. perfectly competitive.
D. monopolistically competitive.
Answer: A
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What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if the price of synthetic textiles declines?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
Refer to the scenario above. What is the sum of the payoffs to the firms if both the firms choose Strategy X?
A) 6 B) 0 C) 1 D) -1
GDP includes some nonmarket goods
Indicate whether the statement is true or false
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.