Collusion is common in oligopoly and monopolistically competitive industries
Indicate whether the statement is true or false
FALSE
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According to the Application, the cultural changes in England allowed individuals to take advantage of
A) the elimination of trade barriers resulting from the formation of the European Union. B) the decrease in population caused by the number of citizens who were leaving for the New World. C) new developments in science and technology. D) the increase in agrarian lifestyles.
The unregulated, single-price monopolist illustrated in the figure above makes an economic profit of
A) zero. B) $8.00 per day. C) $10.00 per day. D) $40.00 per day.
As concentration in an industry increases, the value of the Herfindahl index falls
a. True b. False
The firm's variable cost include costs that
a. change as the price of the good changes b. change as the firm's output changes c. can never be changed d. can only be changed in the long run e. change with economies of scale and remain unchanged with diseconomies of scale