Oligopolistic industries consist of
a. a few independent firms
b. a few interdependent firms
c. many interdependent firms
d. many independent firms
e. a small monopoly
B
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Germany and France can produce the amounts of wine and beer indicated in the table below with one unit of land. Each country has 10 units of land
Does either country have an absolute advantage? Which country has a comparative advantage in beer production? Which country has a comparative advantage in wine production? Is it possible for the two countries to benefit from trade? Country Beer Wine France 2 4 Germany 10 1
In the IS-LM model, changes in taxes initially affect planned expenditures through
A. Consumption. B. Investment. C. Government spending. D. the interest rate
Refer to the accompanying figure. What is the price elasticity of supply at point A?
A. 4 B. 1 C. 2 D. 1/2
Demand and marginal revenue curves are downward-sloping for monopolistically competitive firms because
A. product differentiation allows each firm some degree of monopoly power. B. there are a few large firms in the industry and they each act as a monopolist. C. mutual interdependence among all firms in the industry leads to collusion. D. each firm must take the market price as given.