A market situation where a small number of sellers dominate the entire industry is called:
a. monopolistic competition.
b. monopsony.
c. monopoly.
d. oligopoly.
d
You might also like to view...
What are the three main exchange rate systems, and how do they operate?
What will be an ideal response?
Since it is always a negative number, economists use the convention of taking the absolute value of:
A. income elasticity of demand. B. cross price elasticity of demand. C. price elasticity of supply. D. price elasticity of demand.
Aggregate demand decreases and real output falls, but the price level remains the same. Which factor most likely contributes to downward price inflexibility?
A. The wealth effect. B. Business taxes. C. Fear of price wars. D. The multiplier effect.
Can you imagine graphically a case where the efficiency loss from a tax would equal zero? Explain
What will be an ideal response?