The price of a good is
A) always equal to the cost of producing the good.
B) never affected by the number of buyers and sellers.
C) usually determined in a market.
D) None of the above.
C
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Which of the following factors can delay the entry of new competitive firms into the oligopoly market characterized by a dominant firm and some fringe firms?
a. Mergers and acquisitions b. Price threat c. Brandname and reputation of the dominant firm d. Quality controls set by the government
To decrease the money supply, the Fed would
What will be an ideal response?
The market for chicken used to be perfectly competitive. Then producers like Frank Perdue started marketing chicken under their name. What did they gain by doing this?
What will be an ideal response?
If a consumer chooses a combination of goods that are inside of her budget line, than
A) the consumer is maximizing her satisfaction. B) the consumer is spending more than her current income. C) the consumer has a constant marginal rate of substitution for the two goods. D) the consumer is not maximizing her satisfaction.