Under perfect competition, which of the following are the same (equal) at all levels of output?
a. Price and marginal cost
b. Price and marginal revenue
c. All of the answers are correct.
d. Marginal cost and marginal revenue
b
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An oligopolist that cheats on a collusive agreement by reducing price will quickly be forced out of the industry by its competitors
a. True b. False
Collusion is easier to achieve and maintain in oligopoly when
a. there are many firms in the industry b. the firms' products are homogeneous c. the firms' cost structures are very different d. there are very weak barriers to entry e. the industry is located in the United States
Total producer surplus is the area below the equilibrium price and above the supply curve
a. True b. False Indicate whether the statement is true or false
If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________.
a. excess supply b. excess demand c. ceteris paribus d. a price ceiling