How might an oligopolist increase total revenue without changing price?
A. Reduce costs.
B. Reduce output.
C. Through nonprice competition.
D. Reduce marketing efforts.
Answer: C
You might also like to view...
Which of the following statements is true?
A) Firm-specific training results in losses to a worker. B) Firm-specific training results in losses to a worker's employer. C) A worker is more likely to pay for firm-specific training than for general training. D) A worker is more likely to pay for general training than for firm-specific training.
If steel workers obtain a substantial wage increase, employment in the steel industry will be most likely to fall if
a. the demand curve for steel is highly inelastic. b. the demand curve for steel is highly elastic. c. the demand curve for steel workers is highly inelastic. d. there are no good substitutes for steel.
If an indifference curve is bowed in toward the origin, the marginal rate of substitution is
a. not likely to reflect the relative value of goods. b. likely to be constant for all bundles along the indifference curve. c. likely to be identical to the price ratio for each bundle along the indifference curve. d. different for each bundle along the indifference curve.
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:
A. take it all from Mother Lode. B. take it all from Middle Drift. C. take 20 tons from each of the three mines. D. take 30 tons from Scraping Bottom and 30 tons from Middle Drift.