The demand for government regulation of sellers most often originates with
A) consumers.
B) economists.
C) politicians.
D) sellers.
D
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Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00What is the value added of Citrus Growers Inc.?
A. $0.50 B. $0.75 C. $1.75 D. $0.00
The kinked-demand curve model of oligopoly:
A. assumes a firm's rivals will ignore any price change it may initiate. B. suggests a firm's rivals will ignore a price cut but match a price increase. C. assumes a firm's rivals will match any price change it may initiate. D. suggests small changes in unit costs will have no effect on equilibrium price and output.