Probably the simplest approach to the problem of oligopolistic interdependence is to
a. conduct market experiments.
b. assume that rivals will pursue a course most detrimental to the firm concerned.
c. ignore the actions of rivals.
d. increase the firm's advertising outlay considerably.
c
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All points above a given indifference curve are
A) inferior to any point on the indifference curve. B) preferred to any point on the indifference curve. C) definitely not affordable. D) Both answers Band C are correct.
The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. worker preferences are an important source of earning differentials. b. economics ranks one set of worker preferences as more desirable than another. c. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. d. skill levels of laborers are a minor consideration in wage rate determination.