"If firms in an oligopoly enter into a collusive agreement to operate as a monopoly, the industry produces the most output and if they operate as perfect competitors, the industry produces the least output
" Is the previous statement correct or incorrect? Why?
The statement is incorrect; it reverses the outcomes. If the firms in an oligopoly operate as a monopoly, the industry produces the least output and if they operate as perfect competitors, the industry produces the most output.
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For "an increase in the quantity demanded" but not "an increase in demand" to occur, there must be a
A) rightward shift of the demand curve. B) movement along the demand curve. C) rightward shift of the demand curve and a movement along the demand curve. D) Both answers B and C are correct.
Overall, U. S. citizens and foreign-born residents embrace change that promises overall growth. This is evidenced by which of the following?
(a) Innovation (b) The growth of new industries and the demise of others (c) Population migration from one part of the U.S. to another (d) All of the above
If a firm is losing money, in the short run it
A. will definitely operate. B. will definitely shut down. C. may operate if covering variable costs. D. will definitely go out of business.
Which company bilked its stockholders and allowed their employees' pension funds to be wiped out?
A. Arthur Andersen B. HealthSouth C. Adelphia D. Enron