A duopoly is
a. a cartel in which all members try to cheat on the cartel.
b. an industry with only two sellers.
c. an industry with only two buyers.
d. a cartel with only two members.
b
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Perishable goods such as milk or fruit are never used as money, because they cannot function as a
A) store of value. B) unit of accounting. C) standard of deferred payment. D) medium of exchange.
What was the main cause for the reversal-of-fortune of many countries?
What will be an ideal response?
An example of an exclusive union would be
A. the International Brotherhood of the Teamsters. B. the Communications Workers of America. C. the American Medical Association. D. the United Steel Workers.
A(n) ________ industry is characterized by strategic behavior.
A. monopolistically competitive B. monopolistic C. perfectly competitive D. oligopolistic