Two identical firms that share a market and produce a homogenous good will find the Bertrand Oligopoly LEAST attractive because
A) Cartels generate the highest joint profit.
B) a Cournot Oligopoly will generate more profit than a Bertrand Oligopoly.
C) they want to avoid a price war that leads to profit erosion and P = MC.
D) All of the above.
D
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If you have flipped a fair coin and tails has come up 49 times in a row, what are the odds that the next flip will be a head?
A) 1/50 B) 1/25 C) 1/2 D) 1 (100%)
Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist. B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller. C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market. D) The price outcome is easily determined.
When only a specified amount of a good can be imported into a country during a year, that good is subject to a(n)
A. subsidy. B. tariff. C. quota. D. export restriction.
Economists generally feel that a lack of natural resources ______ economic growth.
a. has little effect on b. is an obstacle to c. will prevent sustained d. aids a nation’s