Which of the following is an obstacle that would reduce the likelihood of effective collusion among oligopolists?
a. a highly inelastic market demand for the product
b. a small number of firms in the market
c. production of a homogeneous product
d. highly unstable demand for the product
D
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. Which of the following is true?
A) If the price of pecans is $3 producers will sell 12,000 pounds of pecans but this output will be economically inefficient. B) If the price of pecans is $9 consumers will purchase more than the economically efficient output. C) Both 4,000 pounds and 12,000 pounds are economically inefficient rates of output. D) If the price of pecans is $3 the output will be economically efficient but there will be a deadweight loss.
The arrangements that individuals have with each other to exchange goods is known as
A) demand. B) supply. C) a market. D) complements.