In oligopoly markets, firms have no perceptible influence on the market price
a. True
b. False
Indicate whether the statement is true or false
True
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Explain the relationship between price, short-run marginal cost, short-run average cost and long-run average cost in the final long-run competitive equilibrium condition. What are economic profits in this long-run equilibrium condition?
What will be an ideal response?
When income rises
A) demand for a normal good rises. B) demand for a normal good falls. C) demand for an inferior good rises. D) quantity of a normal good demanded rises.
A sewer system is
a. rival and exclusive, and therefore is a public good b. nonrival and nonexclusive, and therefore is a public good c. exclusive, but since it is nonrival, it is a public good d. nonrival, but since it is exclusive, it is a private good e. nonrival and nonexclusive, and therefore is a private good
The deregulation of oil pricing will
A. increase our dependence on foreign oil. B. make the United States energy independent by the year 2000. C. decrease domestic production. D. decrease the extent of the nation’s dependence on foreign oil.