
-The above figure shows the market demand curve for long-distance land-based telephone calls.Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry.If the firms in the industry operate as perfect competitors,the price of a call is ________ per minute and if the firms in the industry operate as a monopoly,the price of a call is ________ per minute.
A) 2 cents; more than 3 cents and less than 4 cents
B) more than 3 cents and less than 4 cents; more than 3 cents and less than 4 cents
C) 1 cent; 2 cents
D) 2 cents; either equal to or more than 4 cents
E) either equal to or more than 4 cents; 2 cents
Correct Answer:
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Q54: In an oligopoly,output is
A) less than the
Q55: Which of the following statements is correct?
A)
Q56: Q57: If firms in an oligopolistic industry successfully Q58: When oligopolies operate like firms in perfect Q60: If one firm in a duopoly increases Q61: If a duopoly has reached the monopoly Q62: In the above figure,the output of an Q63: For a duopoly,the smallest total quantity is Q64: The tool that economists use to analyze![]()
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