a. Suggests why prices tend to stay rigid b. Illegal in the United States. c. Suggests that oligopolies sometimes choose not to profit maximize d. Suggests that firms make decisions not in their best interests because they are not allowed to cooperate. Choices. Game theory Revenue maximization Collusion/cartel
a. Suggests why prices tend to stay rigid b. Illegal in the United States. c. Suggests that oligopolies sometimes choose not to profit maximize d. Suggests that firms make decisions not in their best interests because they are not allowed to cooperate. Choices. Game theory Revenue maximization Collusion/cartel
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Match each letter with one answer choice

Transcribed Image Text:a. Suggests why prices tend to stay rigid
b. Illegal in the United States.
c. Suggests that oligopolies sometimes choose not to profit maximize
|d. Suggests that firms make decisions not in their best interests because they are not
allowed to cooperate.
Choices.
Game theory
Revenue maximization
Collusion/cartel
Kinked demand curve
Expert Solution

Step 1
The market is a location where the transaction of services and commodities takes place. It is important in making decision because the firm is interested in knowing their competitor. The market determines the price of commodities and services.
Step by step
Solved in 2 steps

Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education