The conclusion arrived at from a kinked-demand oligopoly model is that:
a. oligopoly firms cannot maximize their profits.
b. oligopoly firms should keep prices at their current level.
c. all oligopoly firms should raise prices.
d. all oligopoly firms should lower prices.
e. oligopoly market structure will lead to lower prices than more competitive industries.
Question 2
Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
a. 100 cars per day.
b. 150 cars per day.
c. 5 cars per day.
d. 50 cars per day.
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