OPEC is a classic example of a kinked-demand curve oligopoly.
Answer the following statement true (T) or false (F)
False
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The United Company competes with many other firms each producing slightly different products. Firms freely enter and exit this industry. The type of industry United Company operates in is
A) a monopoly. B) monopolistic competition. C) oligopoly. D) perfect competition. E) oligopolistic monopoly.
If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________
A) might rise, fall, or stay the same; decreases B) might rise, fall, or stay the same; increases C) falls; increases D) rises; might increase, decrease, or stay the same
Most of the day-to-day power in monetary policy decisions lies with
A) the President of the United States. B) the Senate Banking Committee. C) the chairman of the Board of Governors. D) large commercial banks.
Which of the following is (are) likely to cause the marginal product of an input to decrease?
A) an increase in the real price of the input B) a decrease in the quantity of the input used in production C) technological advances D) all of the above E) none of the above