A. monopolistically competitive firms
B. a cartel
C. perfectly competitive firms
D. a monopoly.
A. in response to a price increase is less elastic than the elasticity of demand in response to a price decrease
B. is perfectly elastic if price increases and perfectly inelastic if price decreases
C. is constant regardless of whether price increase of decrease.
D. in response to a price increases is more elastic than the elasticity of demand in response to a price decrease
A. The market for copper, where there are very few producers and the product is standardized.
B. The fast-food market where there are a large number of producers but the demand for fast food is inelastic
C. The coffee market where the product is standardized and there are a large number of coffee growers.
D. The automobile industry, where there are few producers but there is great product differentiation.
A. price leadership
B. price concentration
C. collusion
D. game theory,
A. a colluding industry
B. a merged industry
C. a concentrated industry
D. a natural monopoly
A. perfect competition
B. monopolistic competition
C. oligopoly
D. monopoly
A. sells a fixed amount of output regardless of price.
B. must raise price to sell more output
C. can sell an infinite amount of output at the market-determined price
D. must lower price to sell more output.
A. by producing differentiated products
B. because of barriers to exit from the industry
C. by virtue of size alone
D. because of barriers to entry into the industry
A. perfectly competitive firms
B. a cartel
C. a monopoly
D. monopolistically competitive firms.
A. produced less and charged a higher price
B. produced more and charged a higher price
C. produced more and charged a lower price
D. produced less and charged a lower price.