A price follower in an oligopoly is a competitor that ______.
a. requires customers to buy tied goods
b. goes along with the pricing decision of the price leader
c. acts as the dominant firm in price leadership
d. produces a large portion of the total output
b. goes along with the pricing decision of the price leader
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Suppose a consumer wants to obtain the highest possible satisfaction from goods purchased on a fixed budget. Which of the following must be equal for all goods?
a. Total utility. b. Marginal utility. c. Average utility. d. Marginal utility per dollar.
Assuming the standard migration model is correct, estimates of the cost of moving can be as high as $300,000. What is likely the worst explanation for what this expense is so high?
A. People may place a high cost on leaving family and friends. B. People may place a high utility value on the cultural benefits and assimilation of their current location. C. People may attach a very high utility to the social amenities in one's birthplace. D. Moving companies typically charge tens of thousands of dollars to transport household goods from one location to another. E. The psychic costs of moving, for example, the uncertainty of making friends and adjusting to a new city, may be quite high for some people.
The intent of indexing is to
A. raise tax revenue automatically during inflation. B. shift the short-run Phillips curve to the right. C. take most of the sting out of inflation. D. reduce inflation gradually.
A variable measures:
A. something that always has the same value. B. something that can take on different values. C. factors that occur with high degrees of uncertainty. D. the degree to which something varies over time.