During the 1990s, the members of OPEC operated independently from one another, causing the world market for crude oil to become close to
a. a monopoly market.
b. an oligopoly market.
c. a duopoly market.
d. a competitive market.
d
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A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the software industry because of the importance of network externalities C) an industry where fixed costs are very large relative to variable costs D) the diamond mining and marketing industry because one firm can control a key resource
In a multi-product firm, cannibalization is
a. An increase in the quality of both the brand's products b. A decrease in the quality of both the brands products c. An increase in both the brand's sales d. An increase in one of the brand's sales due to the decrease in sales of the other.
Refer to the graph shown. Given the long-run average cost curve, the minimum efficient scale of production is:
A. 23. B. 16. C. 21. D. 18 to 21.
The criterion introduced by the Supreme Court in 1911 to determine whether a particular action was illegal or legal within the terms of the Sherman Act is called the
A. Interstate Commerce Rule. B. Rule of Reason. C. Clayton Act Rule. D. Federal Trade Commission Rule.