When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles
a. perfect competition.
b. a dual labor market.
c. monopolistic competition.
d. bilateral monopoly.
d
You might also like to view...
The law of comparative advantage explains why
A. individuals choose specialized careers. B. firms specialize in the production of certain goods. C. nations develop strengths in certain industries. D. All of the responses are correct.
The benefit to buyers of participating in a market is measured by
a. the price elasticity of demand. b. consumer surplus. c. the maximum amount that buyers are willing to pay for the good. d. the equilibrium price.
Under oligopoly, a kinked-demand curve would explain why firms:
A. undertake new investment. B. are approximately the same size. C. avoid price wars. D. have different levels of efficiency.
Which of the following is true for a monopolist?
A. It faces a perfectly elastic demand curve. B. It must lower its price on all of its units in order to sell any additional units. C. It faces many competitors. D. Its marginal revenue curve is equal to its demand curve.