Which of the following happens when oligopolistic firms decide to cooperate?
a. Barriers to entry are relaxed.
b. Net social welfare increases.
c. The same level is produced as in a monopoly
d. Consumer surplus is the same as it would be in a competitive market.
c
You might also like to view...
Market failure occurs when no individual has the ability to substantially influence market prices
a. True b. False Indicate whether the statement is true or false
According to supply-side theory, which of the following would shift the aggregate supply curve leftward?
A. Lower marginal tax rates. B. An increase in the money supply. C. Government deregulation. D. An increase in unemployment and welfare benefits.
One way to predict the future profitability of a company is through:
A. fundamental analysis. B. using current prices. C. technical analysis. D. All of these are ways to predict a company's worth.
Suppose a 1-pound steak sells at a grocery store for $7. Suppose that the grocery store purchased it from a butcher for $4. Suppose the butcher bought cattle from farmers for $2 per sellable pound, paid their labor approximately $1 for pound of sellable beef labor, and made $1 in profit. What is the GDP contribution of the steak?
A. It is $15. B. It is $4. C. It is $11. D. It is $7.