Which of the following is NOT a characteristic of oligopoly firms?

A) strategic dependence
B) product differentiation
C) non-price competition, such as advertising and promotions
D) perfectly elastic demand curves

Answer: D

Economics

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Refer to Figure 13-17. Suppose the firm is currently producing Qf units. What happens if it increases its output to Qg units?

A) It will move from a zero profit situation to a loss situation B) Its average cost of production will fall and its profit will rise. C) It will move from a zero profit situation to a profit situation D) It will be taking advantage of economies of scale and will be able to lower the price of its product.

Economics

If a college graduate makes $10,000 more than a high school graduate, we can safely say that the education imparted in college adds $10,000 to an individual's income

a. True b. False

Economics