Which of the following is NOT a characteristic of oligopoly firms?
A. non-price competition, such as advertising and promotions
B. perfectly elastic demand curves
C. product differentiation
D. strategic dependence
Answer: B
You might also like to view...
Refer to Figure 10-2. Which of the following statements is true?
A) Points a and b may not necessarily be the utility-maximizing quantities of ice cream cones at two different prices because we have no information on the consumer's budget or the price of other goods. B) Points a and b are derived independently of the utility-maximizing model. C) Points a and b are the utility-maximizing quantities of ice cream cones at two different prices of ice cream. D) Point a could be a utility-maximizing choice if the price is $3 but point b may not be because we have no information on the marginal utility per dollar when price changes.
During the 1990s, the nominal price of crude oil ____ and the real price ____
a. leveled off; fell b. fell; leveled off c. rose; fell d. fell; rose
The insider-outsider model argues that:
a. a firm depends on its insiders to grease the wheels of the organization, to be familiar with routine procedures, to train new employees, and so on. b. employers will try to keep wages from falling when the economy is weak or the business is having trouble, and employees will not expect huge salary increases when the economy or the business is strong. c. the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate. d. if an employer increases the wage for all workers, then the best workers with the best employment alternatives at other firms are more likely to leave, while the least attractive workers, with fewer employment alternatives, are more likely to stay.
Which of the following is NOT a function of money?
A. store of value B. medium of exchange C. standard of deferred payment D. form of credit