Answer:
d. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues.
Explanation:
An oligopoly can be defined as a market formation where in a given sector of the economy there are only a small number of competing companies offering a product or service. Its structure is formed by imperfect competition (between monopoly and perfect competition).
The difference between monopoly and oligopoly is that the number of companies that the market has will set the price of products in an oligopoly market, whereas in the monopoly only one company dominates the market and therefore that company determines the price of the good, as it is a market without competition. Therefore, alternative D is the incorrect one.
In economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.
Suppose a drought in australia has seriously impaired agricultural productivity. This impairment in productivity affect short-run aggregate supply by causing the short-run aggregate supply curve to shift to the left.
The aggregate supply curve shifts to the left as the price of key inputs rises, making a combination of lower output, higher unemployment, and higher inflation possible to shift to the left.
The aggregate supply model is a model which shows what determines total supply for the economy and how total supply interact at the macroeconomic level.
The aggregate supply curve shifts to the right as productivity increases or the price of key inputs falls, which will make a combination of lower inflation or higher output, as well as the lower unemployment is possible.
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Answer:
If shortage of goods and services occurs, obviously, the price will touch the sky, i. e. the price will increase twice or thrice the Real price...
