One of the basic differences between social and economic regulations is that
There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
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A market situation in which there are a few firms which recognize their mutual interdependence is
In which market structure will a firm refuse to shut down when price is less than average
A firm typically achieves its position as a monopolist as a result of
For years, your neighbor insisted she had no desire to own a computer. Recently, however, she purchased one and says she did so because all her relatives have computers and she wants to exchange e-mail with them. Your neighbor’s behavior is an example of
In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition?
Behavior on the part of the firm that allows it to comply with the letter of the law but violate the spirit reducing the law’s effect is
For a firm to be able to price discriminate it must
As the definition of products narrows (i.e., becomes more specific), the concentration ratio
Establishing different prices for similar products to reflect differences in marginal cost in providing those goods to different groups of buyers is
The industry concentration ratio measures the
The prisoners’ dilemma is a game in which
Suppose an industry has total sales of $25 million per year. The two largest firms have sales of $6 million each, the third largest firm has sales of $2 million, and the fourth largest firm has sales of $1 million. The four-firm concentration ratio for this industry is
Price leadership (parallel pricing) occurs when
A simple way of describing the social cost of monopoly is to say that it
In a monopolistically competitive market there are
When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have
Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm
An example of tacit collusion is
Which of the following is not true about a comparison between a perfectly competitive firm and a monopolistically competitive firm?
Suppose two firms are in a game situation and they each must decide on a strategy regarding whether to select a high price or a low price. Profits for a firm are highest when it selects a low price while the other selects a high price; profits are lowest if one selects a high price while the other selects a low price; and profits are in between when both select low prices; and profits are slightly higher when both select high prices. In the absence of collusion we expect
Switching costs refer to
The advertisement approach that allows a consumer to follow up directly to an advertising message is known as
Which of the following statements is true?
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