A market with two sellers is called a:

A. monopoly.

B. perfectly competitive market.

C. duopoly.

D. biopoly.


C. duopoly.

Economics

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Indicate whether the statement is true or false

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A lesson of the Enron collapse is that government regulation

A) always fails. B) can reduce but not eliminate asymmetric information. C) increases the problem of asymmetric information. D) should be reduced.

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The long-run average cost curve

A. is a composite of short-run AC curves. B. shows the lowest possible short-run AC corresponding to each output level. C. depends on the firm’s planning horizon. D. All of the responses are correct.

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_________ are defined as quantitative and/or qualitative criteria that reconcile resources with demands and serve as measures of values and goals

a. Attitudes b. Mid-level processes c. Standards d. 5-S principles

Economics