A unique feature of oligopolies, when compared with other industry types, is:
A. low barriers to entry.
B. diminishing marginal returns.
C. standardized products.
D. mutual interdependence.
Answer: D
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If the price elasticity of demand is computed for two products, and product A measures .79, and product B measures 1.6, then:
a. product A is more price elastic than product B. b. product B is more price elastic than product A. c. consumers are more sensitive to price changes in product A than in product B. d. product B is more price inelastic than product A. e. products A and B must be substitutes.
The invisible hand of the marketplace acts to allocate resources
a. efficiently but does not necessarily ensure that resources are allocated fairly. b. both fairly and efficiently. c. fairly but does not necessarily ensure that resources are allocated efficiently. d. neither fairly nor efficiently.
Which of the following is not a type of bond?
a. income bond b. convertible bond c. junk bond d. wayward bond e. none of these
Governments can discourage consumption of certain goods by:
A. a subsidy to consumers in those markets. B. imposing a minimum price above the equilibrium price. C. taxing substitute goods. D. None of these policies decrease consumption of goods.