If Happy Cleaners and Sparkle Cleaners are in a Cournot oligopoly and Happy Cleaners has a lower cost of production than Sparkle Cleaners, in equilibrium, Happy Cleaners will produce ________ than Sparkle Cleaners and earn an economic profit that is ________ Sparkle Cleaners.
A) less; more than
B) less; the same as
C) more; more than
D) more; the same as
C) more; more than
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Explain why a decrease in an input price causes less of an increase in the quantity demanded of the factor if we assumed that product price remained constant
What will be an ideal response?
Which of the following abilities should an economic model possess?
a. It should lower the time cost of information collection. b. It should help individuals to discern the information that matters for a problem. c. It should be able to process both untrue or impossible to verify information as well as correct information in the data set. d. It should suggest accurate solutions for a problem.
Federal government outlays as a fraction of GDP tripled between 1959 and 2009
a. True b. False
If people buy less of a good at every price when their incomes fall, then that good is a normal good
Indicate whether the statement is true or false