When oligopolistic firms collude to maximize their joint profits, in comparison with the situation in competitive markets, their actions generally lead to
a. a larger output and lower prices.
b. a smaller output and higher prices.
c. a smaller output and lower prices.
d. the same output and higher prices.
B
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Stagflation in an economy can be effectively controlled by Keynesian demand management policies
a. True b. False Indicate whether the statement is true or false
Bank net worth is the:
A. claims of the nonowners of the bank against bank assets. B. measure of the profitability of the bank. C. claims of the owners of the bank against bank assets. D. value of the bank's vault cash and loan portfolio.
Which of the following trade agreements provides for the development of a single market among its members?
A. North American Free Trade Agreement B. World Trade Organization C. European Union D. Asian Pacific Economic Cooperation
Assuming that (1) labor supply is perfectly inelastic (vertical), and (2) immigrants and skilled labor are complements, an increase in unskilled immigrant labor ___________ the real wages of unskilled labor and __________the real wages of skilled labor
a. increases; increases b. increases; decreases c. decreases; increases d. decreases; decreases