An oligopoly is an industry market structure with
A. a single firm in which the entry of new firms is blocked.
B. a small number of firms each large enough to impact the market price of its output.
C. many firms each able to differentiate their product.
D. many firms each too small to impact the market price.
Answer: B
You might also like to view...
Who faces trade-offs?
A) individuals B) households C) governments D) all of the above
The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the smallest amount of deadweight loss?
A) A B) B C) C D) D E) A and D
An example of an institutional requirement for the operation of effective private markets is
(a) enforcement of contracts. (b) the ability of government to correctly project trends. (c) the ability of advertisers to influence consumers. (d) all of the above.
The largest single portion of state and local budgets is devoted to
a. State and local defense. b. Health and public welfare programs. c. State and local unemployment compensation. d. Education. e. Interest payments on state and local debt.