Author Question: A kinked demand curve reflects a tendency on the part of an oligopolist to: a. follow price ... (Read 18 times)

NguyenJ · **on:** Jun 30, 2018

A kinked demand curve reflects a tendency on the part of an oligopolist to:
a. follow price increases but not price reductions.
b. following price reductions but not price increases.
c. be unconcerned with rivals' behavior.
d. None of these.

Question 2

Which of the following statements is true?
a. Economic profit equals accounting profit minus implicit costs.
b. The short run is any period of time in which there is at least one fixed input.
c. A fixed input is any resource for which the quantity cannot change during the period under consideration.
d. In the long run there are no fixed costs.
e. All of these.