A firm that controls both the upstream as well as the downstream stages of production is said to be:
a. functionally integrated.
b. perpendicularly integrated.
c. vertically integrated.
d. horizontally integrated.
C
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For a monopolist with a downward-sloping demand curve,
a. the coefficient of price elasticity of demand is infinite. b. the coefficient of price elasticity of demand is zero. c. as price increases, marginal revenue decreases. d. as price decreases, marginal revenue decreases. e. when the price is equal to zero, marginal revenue is equal to zero.
Some antitrust laws address situations involving _______________, where even though there are no outright agreements to control prices or production, the result might still be to reduce competition.
a. restrictive practices b. mergers and acquisitions c. price wars d. union contracts
The monopsonist will employ labor to the point at which the
A) marginal factor cost equals the marginal revenue product of labor. B) marginal revenue product equals the wage rate. C) marginal cost of output equals the marginal revenue. D) demand equals the supply of labor.
The ________ declared that part of the Gramm-Rudman-Hollings Act was illegal and that the mandated automatic spending cuts had to be approved by the Congress.
A. U.S. Supreme Court B. Federal Reserve Board C. president D. U.S. Senate