Refer to the diagram, which pertains to a purely competitive firm. Curve A represents:
A. total revenue and marginal revenue.
B. marginal revenue only.
C. total revenue and average revenue.
D. total revenue only.
D. total revenue only.
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The concepts of mutual interdependence and game theory illustrate the fact that firms competing in oligopoly
A) consider the actions of the rivals before changing the price of their product. B) ignore the actions of their rivals when considering price changes. C) engage in frequent price changes. D) never change prices. E) will mutually determine the combined best outcome for all players.
The City Council of Happy Village is thinking about imposing rent controls. If they put rent controls in place, which constituency are they trying to please?
A) landlords B) all taxpayers C) existing tenants D) all voters