Chapter 23: Problem 12
Which one of these could not be considered cutthroat competitors? (LO2) a) Members of Japanese dangos b) McDonald's and Burger King c) Costco and Sam's Club d) Gas stations on the same intersection
Chapter 23: Problem 12
Which one of these could not be considered cutthroat competitors? (LO2) a) Members of Japanese dangos b) McDonald's and Burger King c) Costco and Sam's Club d) Gas stations on the same intersection
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Get started for freeWhich statement about oligopolies is false? (LO3) a) They operate at the minimum points of their ATC curves. b) They charge higher prices than perfect competitors. c) They make profits in the long run. d) They cannot legally form cartels in the United States.
Which of the following is not an oligopolist? (LO4 a) ExxonMobil b) General Motors c) Your local phone company d) Xerox
An industry that has 100 firms, each with a 1 percen market share, would have a Herfindahl-Hirschman index of (LO1) a) 1 d) 1,000 b) 10 e) 10,000 c) 100
Which statement is true? (LO1) a) The higher the Herfindahl-Hirschman index, the higher the degree of concentration. b) The lower the Herfindahl-Hirschman index, the higher the degree of concentration. c) The Herfindahl-Hirschman index remains constant as the degree of concentration rises. d) There is no relationship between the HerfindahlHirschman index and the degree of concentration.
The Japanese dango is (LO2) a) a way to ensure that government construction contracts will always go to the low bidder b) a negotiating process under which construction firms take turns receiving government contracts c) a cartel whose sole purpose is to keep construction prices high d) an organization that helps new firms enter the construction industry
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