In a particular town, Comvision and Veriview are the only two providers of cable TV service. Comvision and Veriview constitute a
a. duopoly, whether they collude or not.
b. cartel, whether they collude or not.
c. Nash industry, whether they collude or not.
d. monopolistically competitive market if they charge the same price.
a
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The Affordable Care Act is intended to reduce the price of health care. A decrease in the price of health care may
A) increase the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect. B) decrease the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect. C) increase the number of doctors office visits if office visits are a normal good. D) Both A and C.
A horizontal demand curve for a good could arise because consumers
A) are irrational. B) are not sensitive to price changes. C) view this good as identical to another good. D) have no equivalent substitutes for this good.