A contestable market is one in which
A) one dominant firm sets the market price, and all other firms are price takers.
B) if a firm cuts its price, all other firms will follow the price cut.
C) one or a small number of firms operate, but faces competition from potential entrants.
D) a group of firms enter into an agreement to restrict output and raise prices.
Question 2
Tom spends 20 a month on CDs and magazines. The price of a CD is 6 and the price of a magazine is 4. When Tom maximizes his utility, the marginal utility from CDs is ________ the marginal utility from newspapers.
A) the same as
B) 1/2
C) 20 times
D) 1 1/2 times
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