Since a monopolist firm will lose some customers when the price is increased, it will make every effort to keep the price as low as possible.
Answer the following statement true (T) or false (F)
False
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Two duopoly firms form a cartel. They decide to collude and fix the price of their good. Each individual firm will earn the highest profit if
A) it cheats and the other sticks with the agreement. B) both stick with the agreement. C) it sticks with the agreement and the other cheats. D) they both cheat.
Perfect competition does not assume that
a. buyers are well informed about products and prices. b. free entry into and exit from the market exists. c. no individual buyer or seller can influence a price. d. all firms operate at the same cost.
To compute the present value of a future value, you must know the _________ and the _________.
A. interest rate; compounding interest B. interest rate; time period C. compounding interest; time period D. None of these statements is true.
Poverty thresholds are adjusted ______ for inflation.
a. weekly b. monthly c. annually d. each decade