The equilibrium price in a market characterized by oligopoly is
a. higher than in monopoly markets and higher than in perfectly competitive markets.
b. higher than in monopoly markets and lower than in perfectly competitive markets.
c. lower than in monopoly markets and higher than in perfectly competitive markets.
d. lower than in monopoly markets and lower than in perfectly competitive markets.
c
You might also like to view...
Autarky refers to
A) a situation in which there is no trade. B) the equilibrium a nation reaches after trade begins. C) a situation in which nations trade goods and services. D) the location on a consumption possibilities curve.
In the neoclassical growth model, if two countries are exactly the same but one has a higher savings rate, we would expect that country to have
a. higher output, a higher capital-to-labor ratio, and higher output growth in the steady state. b. higher output, a higher capital-to-labor ratio, and the same output growth in the steady state. c. the same output and capital-to-labor ratio, but higher output growth in the steady state. d. higher output, the same capital-to-labor ratio, and the same output growth in the steady state.
Once a firm’s marginal revenue curve is known, the output level can be determined.
Answer the following statement true (T) or false (F)
At a quantity above the equilibrium quantity, which of the following does not exist? a. deadweight loss b. underproduction
c. overproduction d. inefficient production