Because oligopoly markets have only a few sellers, the actions of any one seller
a. do not affect other sellers in the market.
b. can have a large impact on the profits of other sellers in the market.
c. will affect how other firms behave in the market.
d. Both b and c are correct.
d
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Managerial economics is best defined as
A) the study of economics by managers. B) the study of the aggregate economic activity. C) the study of how managers make decisions about the use of scarce resources. D) All of the above are good definitions.
Calculate the Herfindahl-Hirschman Index in this industry
Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAIn the production range of 7 to 9 Stealth bombers, the opportunity cost of producing 1 more Stealth bomber in terms of B-1s is
A. 3. B. 0.5. C. 2. D. 0.
Refer to the list. The outcome in a purely competitive labor market is shown by:
1. W < MRP; W < MRC 2. W = MRP; W < MRC 3. W = MRP; W = MRC 4. W > MRP; W > MRC A. 1. B. 2. C. 3. D. 4.