In an oligopolistic market there are
A. few sellers.
B. many sellers.
C. many buyers.
D. few buyers.
Answer: A
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The basic reason that a competitive unregulated market produces an inefficient amount of a good with an external cost is because
A) producers cannot measure marginal social cost. B) producers do not pay the external cost. C) the general public does not care about external costs. D) external costs are not a political issue. E) the external cost is paid by consumers rather than producers.
If producers strongly object to banning advertising, it probably means that:
A. they use it simply to inform customers. B. they see the ban as decreasing competition. C. they believe the ban will benefit them. D. they believe advertising persuades customers that products are more different than they really are. .
Rising demand for an agricultural good __________ the payments government is committed to pay farmers under a __________ program
A) raises; production flexibility contract B) raises; deficiency payment C) lowers; production flexibility contract D) lowers; deficiency payment
Whenever a society forgoes current consumption to invest in capital goods
A) it will have less to consume next year. B) it will be easier for that society to consume less in the future because people will become accustomed to less. C) that society can consume more in the future. D) it will be forced to produce fewer capital goods in the future.