Equilibrium price and quantity for a collusive oligopoly are determined according to the intersection of the ____ curve and the horizontal sum of the short-run ____ curves for the oligopolists
a. total revenue; total cost
b. marginal revenue; marginal cost
c. average revenue; average cost
d. marginal revenue; average total cost
b
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The term oligopoly is highly ambiguous in the absence of
A) a clear and defensible definition of the product. B) a clear price structure. C) a definition of marginal cost. D) accounting rules adequately defining net revenue. E) clear distinctions between competitive and noncompetitive industries.
International evidence on the relationship of per capita income and the saving rate suggests that ________
A) a high level of income per person requires a high saving rate B) a high saving rate guarantees a high level of income per person C) a high saving rate might result in a high level of income per person D) a high saving rate requires a high level of income per person