Historically, the U.S. steel industry has been a good example of
a. monopolistic competition
b. a cartel
c. a pure monopoly
d. the kinked demand curve model of oligopoly
e. the price leadership model of oligopoly
E
Economics
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Which of the following is likely to happen if the government imposes a tariff?
A) Domestic producers will be worse off. B) Domestic producers will face higher foreign competition. C) Domestic producers will face fewer foreign competitors. D) Domestic consumers will be better off.
Economics
A supply shock, such as the OPEC oil-price increases in the 1970s,
A) can lead to accelerating inflation, if an accommodation policy tries to maintain the pre-shock level of real GDP. B) will cause lower real wages in long-run equilibrium. C) will reduce the natural level of real GDP. D) both B and C
Economics