An Oligopolist's Demand Curve Is

question 51

Multiple Choice

An oligopolist's demand curve is

• A)identical to that of a perfectly competitive firm.
• B)identical to that of a monopolistically competitive firm.
• C)vertical on a price-quantity diagram.
• D)unknown because a response of firms to price changes by rivals is uncertain.

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in consumers' income.

Cross Elasticity of Demand

A measure of how the quantity demanded of one good responds to a change in price of another good, indicating substitutes or complements.

Digital Cameras

Electronic devices that capture and store photographs in digital format, allowing for immediate viewing, digital storage, and manipulation.

Memory Cards

Portable electronic storage devices used for storing digital information in various electronic devices, such as cameras, phones, and computers.