An oligopoly is a market:
a. dominated by a few buyers.
b. dominated by one buyer
c. dominated by a few sellers.
d. with many sellers.
c
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As wages rise, the substitution effect induces households to
A) choose leisure rather than supplying labor in the labor market. B) choose supplying labor in the labor market rather than engage in leisure. C) reduce the opportunity cost of leisure. D) reduce the economic rent from leisure.
If the number of people employed rises by 180,000 and the number of people unemployed falls by 200,000 while the adult population stays the same, then the labor force participation rate rises
a. True b. False Indicate whether the statement is true or false
Which of the following will cause a decrease in the supply of jeans?
A. A decrease in the demand for jeans. B. A decrease in the price of jeans. C. An increase in the wages paid to workers who make jeans. D. A decrease in the expected future price of jeans.
The slope of a production possibilities curve is based on opportunity cost.
a. true b. false