Which of the following factors affect vertical integration of firms?
a. The demand for the final product in the market.
b. The market power of each firm in an industry.
c. The number of firms in an industry.
d. The transaction cost at each stage of production.
D
Economics
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The long-run price elasticity of demand for a good is
a. zero b. smaller (in absolute value) than the short-run price elasticity c. larger (in absolute value) than the short-run price elasticity d. infinite e. the same as the short-run elasticity
Economics
Oligopolies occur when which of the following happens?
a. When each firm has a small share of sales b. When one firm has all or the majority of sales c. When a few firms have all or the majority of sales d. When a few firms have a small share of sales
Economics