Firms A and B are identical, produce identical products, and are the only firms in a market. Firm A's output is higher than Firm B's. This means that Firm B is the
A) Cartel leader.
B) Stackelberg leader.
C) Stackelberg follower.
D) Cournot leader.
C
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Total cost is
a. fixed cost plus variable cost b. irrelevant to decision making c. marginal cost plus fixed cost d. total product minus total input e. the additional cost associated with producing an additional unit
The Fed can influence:
A. the budget of the federal government. B. the household savings rate. C. U.S. tax rates. D. the U.S. money supply.
The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of demand. D) price elasticity of supply. E) cross income elasticity of demand.
A division of a firm is
a. a logical sub-organization of the firm b. a level within the firm in which a large degree of autonomy is vested c. a level of hierarchy within a firm that defines the scope of a manager d. all of the above