The existence of a kinked demand curve under oligopoly conditions may result in
a. volatile prices
b. competitive pricing.
c. prices above the monopoly price.
d. an increase in the coefficient of variation of prices.
e. stable prices
e
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Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier. The MRT is 2 at the current point of production
If the amount of milk produced is reduced by two units in order to produce one more unit of honey, then: A) the new point of production lies above the production possibilities frontier. B) the new point of production lies on the production possibilities frontier. C) the new point of production lies below the production possibilities frontier. D) we cannot determine where the new point of production lies relative to the production possibilities frontier.
Currency devaluations hurt
a. Consumers but help suppliers b. Suppliers c. Suppliers but help consumers d. None of the above