The market structure of oligopoly is when
A) there are a small number of interdependent firms that constitute the entire market.
B) there is a single producer of a product.
C) there are many producers of a differentiated product.
D) there are many producers of a homogeneous product.
Answer: A
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Barry Bonds and Jennifer Lopez have which of the following in common?
A) Neither of them faces the problem of scarcity. B) Each of them acts solely in the public interest. C) Each of them chooses to advance some projects over others. D) None of the above.
Refer to Table 7.1. In this simple economy, M1 equals
A) $2,500. B) $2,600. C) $4,800. D) $12,400.
In the United States, federal efforts to clean up the environment are coordinated by the
a. Environmental Protection Agency b. Department of the Interior c. State Department d. Department of Agriculture e. Department of Justice
Economics is the study of
A. how people allocate their limited resources to satisfy their unlimited wants. B. the way people think rather than the way they act. C. how to own as many resources as possible. D. ceteris paribus.