How does oligopoly differ from monopolistic competition?
What will be an ideal response?
The major differences involve the number of sellers, ease of entry, and economic
profits. Oligopoly is characterized by few sellers, while monopolistically competitive
markets have many sellers. There are significant barriers to entry in oligopoly that
prevent newcomers from entering. By contrast, entry is relatively unrestricted in
monopolistic competition. Oligopolists can earn long-run economic profits, while
monopolistic competition features zero long-run economic profits.
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Mr. McConaughey has the afternoon, 5 hours, to spend doing whatever he wants. How much time does Mr. McConaughey spend with his friends and family and how much time does he spend breaking a sweat to maximize his total utility?
A) 3 hours with friends and family and 2 hours breaking a sweat B) 2 hours with friends and family and 3 hours breaking a sweat C) 0 hours with friends and family and 5 hours breaking a sweat D) 3 hours with friends and family and 4 hours breaking a sweat
A fully funded pension liability is one in which
A) the Pension Benefit Guaranty Corporation insures full benefit payments. B) enough money has been set aside to ensure that the promised pension can be paid out after allowing for interest payments. C) the yield on the pension fund is equal to the inflation rate. D) corporation pension contributions are equal to employee contributions.
State and local governments' fiscal policies typically reinforce the fiscal policy of the federal government to counter recession and inflation.
Answer the following statement true (T) or false (F)
People who drive fuel-efficient vehicles tend to recycle more often than people who drive gas guzzlers. This is an example of
A. difference-in-differences. B. correlation. C. statistical significance. D. causation.