An oligopolist's production decision affects:
A. the prices charged by each firm.
B. its profits.
C. the profits of other firms in the market.
D. All of these statements are true.
Answer: D
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Because of the monopoly power that comes with being the only firm to produce a product, it is always more efficient to have multiple firms in an industry.
Answer the following statement true (T) or false (F)
Which of the following is not a factor of production?
A.) Land. B.) Wages. C.) Labor. D.) Capital.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
In the above figure, starting at E1, if there is a supply shock that is permanent, the
A. aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. B. aggregate supply would shift to SRAS1 and LRAS1 would shift to LRAS0. C. aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1. D. aggregate supply would shift to SRAS1 and then return to SRAS0.