A duopoly is
A. a cartel in which all members try to cheat on the cartel.
B. an industry with only two sellers.
C. an industry with only two buyers.
D. a cartel with only two members.
Answer: B
You might also like to view...
If a supply curve has a constant slope throughout its length, it must have a constant price elasticity throughout its length
a. True b. False Indicate whether the statement is true or false
Suppose that MPL = 200 and MPK = 240. If R = 30, then at which of the following wages would the firm want to hire fewer workers and more capital?
A. W = 23 B. W = 24 C. W = 25 D. W = 26
Explain the concept of diminishing marginal utility, and describe the role that it plays in the utilitarian argument for the redistribution of income
Adam Smith
A. argued that capitalism is often confused with democracy. B. wrote Das Kapital. C. said that the entrepreneur is motivated by self-interest. D. coined the phrase: "From each according to his ability, to each according to his needs."