Monopolistic competition and oligopoly are alike because firms in both market structures have some market power.
a. true
b. false
a. true
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Cooperation is difficult to achieve in a Prisoners' Dilemma because each player thinks the other player might not cooperate.
Answer the following statement true (T) or false (F)
Assume you and your best friend set up a partnership and your lawyer tells you that as the owners, you could each stand to lose your personal wealth if the business goes bankrupt. This means a partnership
A) faces limited liability. B) has little chance of succeeding. C) faces unlimited liability. D) is not a good type of business to set up.
Shopping at a warehouse, such as Sam's Club or Costco, allows its members to pay very low prices on the goods and services they buy. Customers who shop at such a store incur:
A. transaction costs because they must be members to shop there. B. no transaction costs because they pay prices that are lower than any other location. C. transaction costs because they must buy a product in bulk. D. no transaction costs because members can return any item purchased for any reason.
Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = 2L × ?(L + K). The firm currently uses 10 units of capital. Complete the following table:
What will be an ideal response?