One key characteristic that is distinctive of an oligopoly market is that:
a. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve.
b. the decisions of one seller often influences the price of products, the output, and the profits of rival firms.
c. there is only one firm that produces a product for which there are no good substitutes.
d. there are many sellers in the market and each is small relative to the total market.
b
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Give two examples of products sold in perfectly competitive markets and two examples of products sold in monopolistically competitive markets.
Domestic demand for a good is QD = 3000 - 25P. The domestic supply of the good is QS = 20P. Foreign producers can supply any quantity at a price (P) of $30
a. What is the domestic equilibrium price and quantity? b. At this domestic equilibrium price, how much of the good will be supplied by domestic producers and how much by foreign producers?
When, in the game in Scenario 13.14, the strategy that would not be chosen under any circumstances is removed, what is left is a
A) Battle of the Sexes game. B) Matching Pennies game. C) Prisoners' Dilemma game. D) Beach Location game. E) constant-sum game.
The average trade balance from 2005 through 2008 was $____________ billion which was reduced to $____________ billion in 2009.
Fill in the blank(s) with the appropriate word(s).