Which of the following is a characteristic of oligopoly?
A) mutual firm independence
B) zero economic profits in the short run
C) marginal cost pricing
D) only a few firms in the industry
Answer: D
You might also like to view...
Most economists believe that the market __________ produce nonexcludable public goods because of __________.
A. will; the monetary incentive they have to produce them B. will not; the externality problem C. will not; the free rider problem D. will; the market shortage that often accompanies the production of public goods. E. none of the above
A telecommunication company divided into different divisions for residential and business Internet service is an example of
a. An M-form of an organization b. A functional organization c. An N-form organization d. All of the above
A price above equilibrium always yields a surplus
a. True b. False Indicate whether the statement is true or false
In the petroleum industry, proved reserves are
a. evidence that uncertainty is not a problem in the industry. b. inevitably growing smaller over time. c. the same thing as the current supply of petroleum. d. resources recoverable at current prices and technology.