A common theme in the discussions of the airline, soft drink, doughnut, and express delivery industries is that oligopolistic firms tend to compete:
A) strictly on the basis of price and nothing else.
B) strictly on the basis of cost minimization.
C) primarily on the basis of product differentiation and price.
D) primarily by erecting barriers into the market.
C
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A sequential game can be used to analyze whether a retail firm should build a large store or a small store in a city, when the correct choice depends on whether a competing firm will build a new store in the same city. Which of the following is used to analyze this type of decision?
A) an either-or graph B) a decision tree C) a decision matrix D) a sequential matrix
In the Keynesian model, if interest rates rise above what people consider normal, households will respond by
A) increasing the saving rate. B) reducing the saving rate. C) holding more money. D) holding more bonds.