Unlike oligopoly, other market structures are such that
a. profits are usually low or nonexistent
b. firms in those structures need not observe each other to make price and production decisions
c. collusion within the structures is easy to accomplish because firms try to avoid competition
d. prices tend toward a stable equilibrium
e. there are more firms in every other structure
D
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Refer to Figure 11-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?
A) a technological regression B) a decrease in capital per hour worked C) an increase in capital per hour worked D) an improvement in technology
A game in economics is defined as
A) something that is shown on ESPN. B) competition in which strategic decision making is integral. C) competition in general. D) an actual strategy chosen by one or more economic agents.