An oligopoly with two firms is known as:
A. a two-opoly.
B. a duopoly.
C. duopolistic competition.
D. a double market.
Answer: B
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Suppose a bank has $6,000 in checkable deposits and the required reserve ratio is 0.2 . If the bank wishes to hold no excess reserves, its actual reserves will be: a. $4,000
b. $1,200. c. $3,000. d. less than $1,000. e. $4,800.
People who enjoy the benefits of a public good without paying for them are called:
a. spillover parties. b. external consumers. c. free riders. d. antitrust violators.
One of the main roles of a central bank is:
A. managing the nation's money demand. B. coordinating the banking system to ensure a sound economy. C. accepting deposits from households and other private individuals. D. funding federal government spending.
In a competitive market, if the production process involves an external cost, such as pollution of the environment, the market will
a. produce the economically efficient outcome. b. result in a market price that is higher than the efficient one. c. register a price that is lower than the efficient one. d. result in too little of the good being produced compared to the ideal efficient outcome.