If firms in an industry make output decisions that are partially based on the price and output decisions of their competitors, then these firms are in ________ market have ________ with the other firms in the market
A) an oligopoly; interdependence
B) an oligopoly; no interdependence
C) an oligopoly or monopolistically competitive; interdependence
D) a monopolistically competitive; no interdependence
A
You might also like to view...
Xenonia has a larger supply of labor than Techland. If the labor supply in both the countries increases by the same amount while their capital stocks remain unchanged, ________
A) the increase in Techland's output will be more than the increase in Xenonia's output B) the increase in Xenonia's output will be more than the increase in Techland's output C) Xenonia's income per capita will decrease while Techland's income per capita will increase D) Xenonia's income per capita will increase while Techland's income per capita will decrease
Suppose, with a given supply and demand curve, the market for guitars would clear at $500, but the current price of guitars is $700. Given the above information,
A) there is a shortage of guitars. B) there is a surplus of guitars. C) the market for guitars is fully coordinated. D) the quantity of guitars supplied equals the quantity demanded.
All of the following are examples of capital except
a. the robot used to help produce your car b. a computer used by your professor to write this exam c. the factory that produces the costume jewelry you buy d. the inventory of unsold goods at your local hardware store e. an uncut diamond that you discover in your backyard
When firms already in the industry produce under conditions of substantial economies of scale, entry into the industry is usually more difficult than if the firms produced without those economies of scale
Indicate whether the statement is true or false