To determine if a market is an oligopoly, we need to determine if
A. the market's HHI is less than 900.
B. the firms are so few that they recognize their mutual interdependencies.
C. cartels are legal in their market.
D. the firms make identical or differentiated products.
E. there are many firms in the market.
Answer: B. the firms are so few that they recognize their mutual interdependencies.
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Refer to the table above. The farmer began to experience diminishing returns after applying how many bags of fertilizer?
A) 1 B) 2 C) 3 D) 4
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Answer the following statement true (T) or false (F)
Under a cost plus fixed fee contract the contractor cannot make a loss
a. True b. False