All of the following, except one, would serve to increase competition in an oligopoly. Which is the exception?
a. increased imports from foreign firms
b. an increase in the minimum efficient scale
c. an increase in the size of the market
d. new technologies that reduce barriers to entry
e. action by the U.S. Justice Department to break up large firms
B
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When the price of a bagel rises from $0.45 to $0.65, the quantity of cream cheese demanded falls from 12,000 to 10,000 ounces per year. Use the midpoint formula to calculate the cross-price elasticity between bagels and cream cheese
What does the sign imply about the relationship between these two goods?
Which of the following is NOT an assumption of the classical model?
A) Wages and prices are flexible. B) People are motivated by self-interest. C) Money illusion exists. D) Pure competition exists.
Which of the following was signed in the Kyoto Protocol?
A) the Framework Convention on Climate Change B) the Zero Greenhouse Gas Agreement C) the Treaty on Global Warming D) the Emission Trading Scheme
Essential components of a game include all of the following except:
a. players b. payoffs c. actions d. an information set e. cooperation