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Author Question: Refer to Figure 2-7. Assume a technological advancement greatly reduces the cost to produce ... (Read 167 times)

appyboo

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on: Jun 29, 2018
Refer to Figure 2-7. Assume a technological advancement greatly reduces the cost to produce self-driving vehicles. This is best represented by the
 
  A) movement from K to L in Graph C. B) movement from G to H in Graph B.
  C) movement from H to J in Graph B. D) movement from E to F in Graph A.

Question 2

What is an oligopoly?
 
  What will be an ideal response?


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whitcassie

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

An oligopoly is a market structure characterized by a few dominant firms. Products may be homogeneous or differentiated. The behavior of any one firm in an oligopoly depends to a great extent on the behavior of others.


appyboo

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Reply 2 on: Jun 29, 2018
Gracias!

kjohnson

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Reply 3 on: Yesterday
Excellent

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