Oligopolistic industries are characterized by a
A) few large firms and no barriers to entry.
B) large number of firms and no barriers to entry.
C) few large firms and substantial barriers to entry.
D) large number of firms and substantial barriers to entry.
C
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According to the concept of comparative advantage, a good should be produced in that nation in which
A) domestic opportunity cost is greatest. B) domestic opportunity cost is the smallest. C) money is used. D) terms of trade are maximized.
Three possibilities have probabilities 0.5, 0.4 and 0.1 and values $10, $20, and $30 respectively. The expected value is:
a. $15 b. $16 c. $17 d. $18
Other things being equal, an increase in the rate of interest causes a(n):
A. upward movement along the demand for money curve. B. downward movement along the demand for money curve. C. rightward shift of the demand for money curve. D. leftward shift of the demand for money curve.
If a good is produced by firms that incur all private and external costs, the price consumers pay
A. will be the correct price, but inefficient. B. will be efficient since it includes all social costs. C. will be too high because the consumers end up paying all of the costs instead of the firm. D. will not be socially acceptable.