Oligopolistic firms never collude because they have almost no incentive to do so
a. True
b. False
Indicate whether the statement is true or false
False
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A sudden rise in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium higher than the short run price c. Some firms exiting the market d. All of the above
If the number of employers for a particular type of labor increases, which of the following shifts should occur in the labor market for the particular type of labor?
A. Demand for labor should shift to the left. B. Demand for labor should shift to the right. C. Supply of labor should shift to the right. D. Supply of labor should shift to the left.
Explain the difference between fully funded social security system and pay-as-you-go social security system
What will be an ideal response?
A fall in the price of 7-UP that causes a household to shift its purchasing pattern away from Sprite and toward 7-UP is the ________ effect of a price change.
A. complementary B. diminishing marginal utility C. substitution D. income