Herb's Inc has a large share of its market and is tempted to collude with the few firms that are in its market. Herb's operates in
A) an oligopoly.
B) a monopolistically competitive market.
C) a monopoly market.
D) a perfectly competitive market.
E) a collusively protected market.
A
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If the eyeglass industry is monopolistically competitive, then in the long-run: a. the price of eyeglasses will equal marginal revenue. b. the price of eyeglasses will exceed marginal cost. c. firms can earn economic profits
d. firms are price takers.
A pizza shop owner needs to buy a pizza oven and is deciding between a new one and a used one. If he buys an older used one it will generate $4,000 of net income for 3 years. If he buys a new one it will generate $5,000 of net income for 4 years. If the
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