Market

A. reduces the likelihood
B. increases the likelihood
C. guarantees
D. none of the above

A. a wining strategy
B. a losing strategy
C. a players best strategy when moving first
D. a player’s best strategy whatever the strategies adopted by rivals

A. players are better of to act independently
B. monopoly is better than competition
C. people will always cheat
D. players are better off if they co-operate

A. The oligopolist believes that competitors will match output increase but not output reduction
B. The oligopolist believes that competitors will match price increase but not output reduction
C. The oligopolist believers that competitors will match price cuts but not price rises
D. The oligopolist believes that competitors will match price increase but not output increase

A. long run marginal cost
B. short run marginal cost
C. long run average cost
D. long run marginal cost

A. research
B. cost-saving
C. technical advance
D. all of the above

A. produce less at a lower price
B. produce more at a lower price
C. produce less at a higher price
D. produce less at a lower price

A. Whether there is perfect or imperfect information
B. elasticities of demand and supply
C. how many producers there are:
D. who is legally obliged to pay the tax

A. goods are sold at prices above legal or official price.
B. buyers and/or sellers are not paying taxes as they should
C. illegal substances are sold
D. transactions are not recorded in the GDP figures.

A. quantity demanded will be greater than quantity supplied
B. quantity demanded will be less than quantity supplied
C. demand will be less than supply.
D. quantity demanded will equal quantity supplied .