An oligopoly is a market situation in which
A. all the sellers act independently of the others.
B. there are very few sellers and they recognize their strategic dependence on one another.
C. there are many firms producing differentiated products.
D. there is a single firm producing several varieties of a product.
Answer: B
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Explain the difference between a nominal value and a real value
What will be an ideal response?
The emphasis on the greater incentives to produce, created by lower taxes, has come to be known as:
a. the trickle-down economics. b. the supply-side economics. c. the paradox of thrift. d. the permanent income hypothesis. e. monetarism.
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.)The U.S. Federal Reserve intervenes to puchase U.S. dollars in the foreign exchange market
a. Debit the U.S. financial account; credit the U.S. financialaccount. b. Credit the U.S. financial account; debit the U.S. financialrccount. c. Debit the U.S. financial account; credit the U.S. current account. d. Credit the U.S. financial account; debit the U.S. current account.
You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the demand for teachers in the inner-city school district is too low. B. the wage for teachers in that district is higher than the wage in other districts. C. there is an excess supply of teachers in other districts. D. the wage for teachers in that district is lower than the equilibrium wage.