There are fewer than half as many publishers of college textbooks in the United States now as a generation ago. Three companies alone account for almost two-thirds of the sale of new textbooks
This market situation characterized by very few sellers is known as A) an oligopoly.
B) perfect competition.
C) pure monopoly.
D) monopolistic competition.
A
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"Optimal input curve analysis is useless. Since firms never know the demand for their product with certainty, they will rarely operate at the optimal input combination." Agree or disagree?
What is typically the main cost of pursuing a college education?
A. income forgone by not working B. tuition C. room and board D. books and supplies
________ implementing export promotion policies is Japan.
A. The only developed country that has banned B. One of the most successful countries in C. The only developed country that has been successful in D. One of the least successful countries in
The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true?
A. The demand for each basketball game must be more than the demand for each circus performance. B. The demand for each circus performance must be greater than the demand for each basketball game. C. The supply of circus performances must be less elastic than the supply of basketball games. D. Basketball games must be more expensive to produce than a circus performance.