Which of the following is NOT true of an oligopoly?
A. The firms recognize their interdependence.
B. Firms are price takers.
C. A few firms account for a large portion of the total output.
D. They advertise their product.
Answer: B
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For deflation to occur,
A) national income must decrease. B) real GDP must decrease. C) the price level must decrease. D) nominal GDP must decrease.
In the United States, most periods of very high inflation occurred
A) during times of war. B) during recessions. C) in the past 25 years. D) before the year 1800.
When incorporating labor-augmenting technological change into the Solow growth model, the focus is on
A) capital per worker and output per worker. B) capital per effective worker and output per worker. C) capital per worker and output per effective worker. D) capital per effective worker and output per effective worker.
An example of a buyer in a financial market would be:
A. families buying new houses. B. students saving for college. C. corporations loaning money to other firm. D. families putting money away for the future.