The characteristic most closely associated with oligopoly is
A. a few large producers.
B. easy entry into the industry.
C. product standardization.
D. no control over price.
Answer: A
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Using the figure as a guide, which of the following is FALSE with respect to profit maximization and the monopolist?
A) A monopolist (like any other firm) will select an output rate at which marginal revenue is equal to marginal cost, at the intersection of the marginal revenue curve and the marginal cost curve. B) The monopolist will produce quantity Qm and charge a price of Pm. C) When compared to a competitive situation, consumers pay a higher price to the monopolist, and consequently are forced to purchase more of a product as price varies directly with quantity demanded. D) Profits are the positive difference between total revenues and total costs.
Which of the following events will increase short-run aggregate supply?
A) an advance in technology B) an increase in resource prices C) an increase in the natural rate of unemployment D) an increase in foreign income
If lower-income households spend a greater share of their income on cigarettes than do higher-income households, then a tax that raises the price of cigarettes will
A) cause lower-income households to incur a greater loss of consumer surplus than that incurred by higher-income households. B) cause higher-income households to incur a greater loss of consumer surplus than that incurred by lower-income households. C) raise consumer surplus among higher-income households. D) cause consumer surplus to decline among smokers, but the relative impact cannot be determined from the given information.
Investment in social overhead capital refers to investment in areas like power plants and road construction.
Answer the following statement true (T) or false (F)