Gardiner Means examined the behavior of prices during the Great Depression and found that
A) prices in the oligopoly sector declined much more than prices in the competitive sector.
B) prices in the oligopoly sector declined very little compared to prices in the competitive sector.
C) prices in the oligopoly sector declined at about the same rate as prices in the competitive sector.
D) prices in the oligopoly sector fell while prices in the competitive sector rose.

Question

Quizplus · Accepted Answer

Gardiner Means found that prices in the oligopoly sector declined very little compared to prices in the competitive sector during the Great Depression. This is likely due to the fact that oligopoly firms have greater market power and can therefore maintain higher prices even in difficult economic times.

Gardiner Means Examined the Behavior of Prices During the Great