Which of the following are price-setting oligopoly models?
A. Cournot and Stackelberg.
B. Cournot.
C. Bertrand.
D. Stackelberg.
Answer: C
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Which of the following statements is true of the number of entrepreneurs in an economy?
A) The number of entrepreneurs is likely to be higher in an economy with inclusive institutions than in an economy with extractive institutions. B) The number of entrepreneurs is likely to be higher in a command economy than in a market economy. C) The number of entrepreneurs is likely to be the same in an economy with inclusive institutions and an economy with extractive institutions. D) The number of entrepreneurs is likely to be the same in a command economy and a market economy.
The value at which one currency can be exchanged for another currency is called the real exchange rate
Indicate whether the statement is true or false
A profit-maximizing firm should spend an additional dollar on advertising so long as this expenditure results in more than one dollar of
a. additional sales. b. reduced costs. c. increased profits. d. demand.
New classical economists believe that there is
A) a short-run tradeoff between inflation and unemployment when policy is unanticipated. B) a short-run tradeoff between inflation and unemployment when policy is correctly anticipated. C) no short-run tradeoff between inflation and unemployment when policy is correctly anticipated. D) a and b E) a and c