"Tom and Jack Are the Only Two Local Gas Stations

question 121

Multiple Choice

"Tom and Jack are the only two local gas stations.Although they have different constant marginal costs, they both survive continued competition." Tom and Jack do not constitute a:

• A)Sweezy oligopoly.
• B)Cournot oligopoly.
• C)Stackelberg oligopoly.
• D)Bertrand oligopoly.

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Definitions:

Decisions

The act or process of choosing a course of action from among various alternatives.

Electrolux AB

A leading global appliance company that manufactures and sells household and professional appliances under various brand names.

Plant Manager

An individual responsible for overseeing the daily operations of manufacturing plants and factories.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain it.