Which of the following characterizes an oligopolistic industry?
a. mutual interdependence
b. low barriers to entry
c. small output of individual firms relative to the total market
d. a large number of competing firms
a
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Professor Cowen says that fiscal policy would make more sense if we:
A. relied more heavily on tax cuts than we currently do for fiscal policy. B. ran government budget deficits in years in which the unemployment rate was high. C. used a combination of tax cuts and increases in government spending. D. actually had government budget surpluses in years in which the economy was in good health.
If player R moves first in the game in Scenario 13.14, the equilibrium will
A) not be different from what it is in the simultaneous-move scenario. B) be to R's detriment because it will not be able to react to C's choice. C) be one in which R chooses 50 and C chooses 150. D) be one in which R chooses 100 and C chooses 50. E) be one in which R chooses 150 and C chooses 50.