Oligopoly firms:
a. usually act as if they were a monopoly producer
b. generally charge a price for goods and services equal to marginal cost.
c. base their pricing and output decisions on the likely responses of rival firms.
d. are isolated from competition by low barriers to entry.
c
Economics
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The money demand function implies that money demand is
A) positively related to interest rates. B) negatively related to bond prices. C) negatively related to interest rates. D) negatively related to transactions in the economy.
Economics
When consumers have less information about a product than do sellers, then this is the situation of
A) asymmetric information. B) symmetric information. C) caveat emptor. D) a market failure.
Economics