All of the following are true regarding oligopoly EXCEPT
A) there are few sellers.
B) there is some ability to set price.
C) there is no competition.
D) entry and exit is partially restricted.
Answer: C
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Suppose you see a 2006 Scion xB Sport Wagon advertised in the local newspaper for $8,500. If you knew the car was reliable, you would be willing to pay $10,000 for it
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