A market structure characterized by a small number of interdependent sellers is called a(n)
A. monopsony.
B. oligopoly.
C. monopoly.
D. monopolistic competition.
Answer: B
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The increase in the demand for widgets, shown in the figure above, is the result of a decrease in the price of McBoover devices. Therefore
A) widgets and McBoover devices are substitutes. B) widgets and McBoover devices are complements. C) widgets are a normal good. D) McBoover devices are a normal good.
When the European System of Central Banks uses long-term refinancing operations, it is similar to the Federal Reserve using
A) dynamic open market operations. B) defensive open market operations. C) discount policy. D) reserve requirements.
The opening of a new American-owned factory in Algeria would tend to increase Algeria's GDP more than it increases Algeria's GNP because
a. some of the income from the factory accrues to people who do not live in Algeria. b. gross domestic product is income earned within a country by both residents and nonresidents, whereas gross national product is the income earned by residents of a country while producing both at home and abroad. c. all of the income from the factory is included in Algeria's GDP. d. All of the above are correct.
Refer to the above diagram for good X. A shift from D2 to D1 would best be explained by:
A. an increase in the price of good X. B. an increase in the price of a complementary good Y. C. an increase in the price of a substitute good Z. D. a decrease in the price of good X.