"Duopoly" is
A) another name for monopoly.
B) a special type of monopolistic competition.
C) a two-firm oligopoly.
D) a game with three players.
E) the situation when a firm sets a duo (two) of different prices for its customers.
C
You might also like to view...
If an economy produced 60 pounds of sushi at $12 per pound and 15 gallons of sake at $30 per gallon, the total value of these goods and services would be
A) $450. B) $720. C) $1,170. D) $2,700.
At that amount of output where diminishing marginal returns first sets in
A) total product will begin to decline. B) average product will begin to decline. C) marginal product will begin to decline. D) all of the above
The marginal cost of labor for a perfectly competitive firm is the
a. change in total revenue that results from employing an additional worker b. wage rate c. marginal revenue product curve d. demand curve for labor e. marginal physical product of labor
When is a buyer NOT willing to spend a lot of time and energy researching the market?
a) when buying a large quantity of goods b) when there are many identical products available c) when the savings to be made are small d) when prices vary but quality is the same