Suppose an oligopolistic firm raises the price of its output. Demand for the firm's output will be relatively price ________ if the other dominant firms in the market ________
A) elastic; do not raise price
B) unit elastic; do not raise price
C) inelastic; also raise price
D) cannot be determined
A
Economics
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An indirect tax is exemplified by
A) an income tax. B) a sales tax. C) a subsidy. D) None of the above answers is correct.
Economics
If marginal cost is less than average total cost, then ________ is ________
A) average total cost; falling B) average variable cost; falling C) marginal cost; falling D) marginal cost; rising
Economics