Suppose an oligopoly consists of two firms. firm a lowers price and firm b responds by lowering its price by the same amount. if average costs and industry output remain the same, which of the following will occur?
a. the profits of the two firms will decrease.
b. the profits of the two firms will remain the same.
c. the profits of the two firms will increase.
d. barriers to entry will come tumbling down and new firms will enter.

Owning a word is a characteristic of a powerful a. productb. servicec. organization d. brand

The hartman family is saving $400 monthly for ronald's college education. the family anticipates they will need to contribute $20,000 towards his first year of college, which is in 4 years .which best explain s whether the family will have enough money in 4 years ?

Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.