In contrast to both perfect competition and monopolistic competition, an oligopoly market structure is characterized by:
a. price discrimination.
b. a perfectly inelastic demand curve.
c. the presence of infinite number of firms.
d. the production of only differentiated products.
e. difficulty in the entry of new firms.
e
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If the amount you owe on your house is greater than the price of the house, you have
A) negative equity in your house. B) no value to your house. C) a reverse mortgage on your house. D) a mortgage rate that is too high.
The Matching Pennies game is an example of a:
A) constant-sum game. B) nonconstant sum game. C) game with an equilibrium in dominant strategies. D) none of the above
Features of the labor market that are likely to cause structural unemployment include all of the following except:
A. unemployment compensation. B. minimum wage laws. C. labor unions. D. differences in the skills and experience of workers.
If the seller knows more about the good than the buyer knows, there exists:
A. an externality. B. asymmetric information. C. moral hazard. D. a public goods problem.