An oligopoly
a. has a concentration ratio of less than 50 percent.
b. is a price taker.
c. is a type of imperfectly competitive market.
d. has many firms rather than just one firm or a few firms.
c
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton
A) benefit; $200 B) benefit; $100 C) cost; $200 D) cost; $100
If the economy is in a liquidity trap, then:
a. fiscal policy can still stimulate the economy through lower interest rates. b. monetary policy cannot stimulate the economy by lowering interest rates. c. the precautionary demand for money is falling. d. all of the above.
Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. more than $16. B. less than $16. C. at exactly $16. D. at no more than $8.
When an economy experiences significant economic growth:
a. a negative relationship exists between output per capita and adult literacy rates. b. an indirect relationship exists between output per capita and adult literacy rates. c. a direct relationship exists between output per capita and adult literacy rates d. no observed relationship exists between output per capita and adult literacy rates.