The kinked demand curve exists because consumers make erratic decisions

What is the definition of an oligopoly?

a) one firm producing 95 percent of the output b) two to four firms producing 70 percent to 80 percent of the output c) eight to ten firms producing 60 percent to 70 percent of the output d) eight to ten firms producing 90 percent of the output

The consumer price index [CPI] is considered the best measure of the cost of living of individuals in a country

a. True b. False Indicate whether the statement is true or false