Which statement is false?
A. Oligopolies are illegal in most states.
B. Most oligopolies engage in outright collusion.
C. Ford Motor Company is an oligopoly.
D. None of these statements are false.
A. Oligopolies are illegal in most states.
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An industry characterized by a small number of dominant firms that face downward-sloping demand curves is best described as:
A) a monopoly. B) monopolistically competitive. C) an oligopoly. D) perfectly competitive.
The short-run Phillips curve is drawn for a given expected inflation rate and so it shifts as inflation expectations change
a. True b. False Indicate whether the statement is true or false
Give a short concise definition for the following terms and explain their relationship to the study of economics
a. marginal physical product b. marginal revenue product c. law of diminishing returnsd economies of scale
The Latin term caveat emptor, meaning "let the buyer beware," brings to mind the problem of
a. hidden actions. b. adverse selection. c. principals and agents. d. moral hazard.