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Author Question: Suppose an oligopoly has a dominant firm that sets the price for the entire industry. In this ... (Read 122 times)

newbem

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on: Jun 30, 2018
Suppose an oligopoly has a dominant firm that sets the price for the entire industry. In this situation, the oligopoly has:
 a. nonprice competition. b. a kinked demand curve.
  c. price leadership. d. a cartel.

Question 2

A firm can produce 450 gallons of milk per day with 4 workers and 500 gallons per day with 5 workers. The marginal product of the fifth worker expressed in gallons per worker per day, is:
 a. 35.
  b. 50.
  c. 70.
  d. 350.


gstein359

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


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newbem

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Reply #2 on: Jun 30, 2018
Correct answers!


gstein359

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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