What is an oligopoly?
What will be an ideal response?
An oligopoly is a market structure characterized by a few dominant firms. Products may be homogeneous or differentiated. The behavior of any one firm in an oligopoly depends to a great extent on the behavior of others.
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Regulating firms so that they always receive a guaranteed profit rate will lead to greatest efficiency
a. True b. False Indicate whether the statement is true or false
Empirical analysis generally deals with theory and little data.
A. True B. False C. Uncertain
The annual percentage rate of change in the price level is the:
A. relative price. B. Fisher effect. C. inflation rate. D. cost of living.
All mutually beneficial trades have taken place. This implies that
A) the production possibilities curve is bowed out. B) society is inside the production possibilities curve. C) economic efficiency prevails in the society. D) society is on the constant cost portion of its production possibilities curve.