Assuming pure competition, which of the following are equivalents?
A. MRP L /P L = MRP C /P C and P x = 1/MC.
B. MRP L /P L = MRP C /P C and P x = AVC.
C. P x = MC and MRP L /P L = MRP C /P C = 1.
D. P x = MC and MP L /P L = MP C /P C
Answer: C
Economics
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When using game theory to analyze oligopoly, firms will always have a dominant strategy
a. True b. False
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Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a differentiated oligopolist in a highly concentrated industry?
A. Subway Sandwiches. B. Pittsburgh Plate Glass. C. Ford Motor Company. D. Kaiser Aluminum.
Economics