A contestable market is one in which
A) one dominant firm sets the market price, and all other firms are price takers.
B) if a firm cuts its price, all other firms will follow the price cut.
C) one or a small number of firms operate, but faces competition from potential entrants.
D) a group of firms enter into an agreement to restrict output and raise prices.
C
Economics
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In the factor market, households
A) sell resources. B) are both buyers and sellers of resources. C) are neither buyers nor sellers of resources. D) buy resources.
Economics
If an activity is worth pursuing at all, then the only information the decision maker needs to make a choice is
a. total benefits. b. marginal benefits and marginal costs. c. variable costs. d. fixed costs.
Economics