Suppose the airplane market is an oligopoly. According to the figure above, the quantity produced can range as high as ________ planes per week and as low as ________ planes per week
A) 10; 4
B) 12; 6
C) 6; 0
D) 12; 0
E) None of the above answers is correct.
B
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Under a favorable business environment and if the economic outlook of the future looked promising ________
A) firms might spend more for any given inflation rate B) planned investment might increase leading to a higher equilibrium level of output C) the aggregate demand curve would likely shift to the right D) all of the above E) none of the above
In a market system, prices are determined by
a. corporate executives b. government bureaucrats c. supply and demand d. total market demand e. production costs
When inflation rises, the nominal interest rate
a. rises, and people desire to hold more money. b. rises, and people desire to hold less money. c. falls, and people desire to hold more money. d. falls, and people desire to hold less money
If both the demand for a product and the supply of it decrease, then the equilibrium quantity will ________ and the equilibrium price will ________.
A) increase; either increase, decrease, or remain constant B) decrease; either increase, decrease, or remain constant C) increase; increase D) increase; decrease