In an oligopolistic market:
A. one firm is always dominant.
B. products may be standardized or differentiated.
C. the four largest firms account for 20 percent or less of total sales.
D. the industry is monopolistically competitive.
Answer: B
You might also like to view...
Melissa has an income of $240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is $20, and the price of a concert ticket is $40. Melissa's real monthly income in terms of concerts is
A) 40. B) 20. C) 6. D) 12.
Assume a group of firms has formed a cartel and the cartel is in engaged in joint profit maximization. As such, each firm, acting in its own interests, has an incentive to expand production up to the point at which:
A) its marginal cost equals the marginal revenue earned by the cartel. B) its marginal cost equals the cartel-determined price of the product being sold. C) its marginal revenue equals the cartel's marginal costs of production. D) its marginal cost equals the cartel-determined marginal revenue from the good being sold.
The primary assets of the Fed are
A) discount loans and reserves. B) discount loans and government securities. C) government securities and reserves. D) discount loans and open market operations.
Which of the following might explain the beauty premium found by labor economists Hamermesh and Biddle?
a. Good looks are an innate ability for some jobs, which results in higher productivity and higher wages. b. Good looks may be an indirect measure of other types of ability such as attention to detail. c. If better-looking people earn more than average-looking people, employers may be discriminating based on personal appearance. d. All of the above could explain the beauty premium.