Oligopoly is a market structure in which
a. non price competition is seldom used.
b. all producers are selling identical or similar products.
c. there are many sellers with differentiated products.
d. administered pricing is rarely practiced.
b. all producers are selling identical or similar products.
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On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced
Between these points, what is the opportunity cost of producing a pound of apples? A) 2 pounds of bananas B) 5/12 of a pound of bananas C) 0.5 of a pound of bananas D) 2 pounds of apples E) 100 pounds of bananas
The purchasing power parity theory predicts that the exchange rate between two currencies will adjust in the long run to reflect price-level differences between the two currency regions. A given basket of internationally traded goods should therefore sell for similar amounts around the world (net of transportation costs)
Indicate whether the statement is true or false
Figure 10-9
Figure 10-9 describes which of the following periods in the U.S.?
a.
1930s
b.
1973-1975
c.
late 1990s
d.
2007-2009
Some colleges charge for student parking. Currently, your college does not charge for parking but the administration announced a possible charge of $2 per day. You are not sure when the new parking policy will start; therefore you decide to keep a $5 bill in your wallet. You hold to $5 for the:
A. impulsive motive. B. money creation motive. C. speculative motive. D. precautionary motive.