The goods or services that firms in an oligopoly sell:

A. are standardized.
B. are not close substitutes.
C. are either standardized or close substitutes.
D. are close substitutes.


Answer: C

Economics

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In 1991, Argentina established a radical institutional reform after experiencing a decade marked by financial instability. This program was called the new Convertibility Law. What did this law do?

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The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that

a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.

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