Question 19 In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users. But contrary to price discrimination, large industrial users generally are charged ____ rates.
Question 20 Barometric price leadership exists when Question 21 A cartel is a situation where firms in the industry Question 22 Even ideal cartels tend to be unstable because Question 23 In the Cournot duopoly model, each of the two firms, in determining its profit-maximizing price-output level, assumes that the other firm's ____ will not change. Question 24 Some industries that have rigid prices. In those industries, we tend to Question 25 In a kinked demand market, whenever one firm decides to lower its price,