The demand for a product is more inelastic
a. When it has many close substitutes
b. In the long-run
c. When it has many complements
d. None of the above
c
Economics
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It costs firm A $800 to produce five radios and it costs firm B $500 to produce five batteries. If Firm A merges with firm B, it can produce both the five radios and the five batteries for $1000 . The firm has experienced
a. Economies of Scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Economics
Because oligopoly markets have only a few sellers, the actions of any one seller
a. do not affect other sellers in the market. b. can have a large impact on the profits of other sellers in the market. c. will affect how other firms behave in the market. d. Both b and c are correct.
Economics