A duopoly is a market structure with:
a. one buyer and one seller
b. two firms providing all the output.
c. only two differentiated products.
d. only a few dominant sellers and a limited number of buyers.
b
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When the BEA calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year to year, this is called calculating GDP using
A) current-year prices. B) fixed-weight prices. C) fixed base-year prices. D) chained-weighted prices.
Studies show that the supply curve for oranges has shifted. Which of the following could not explain the shift of the supply curve?
a. Weather conditions have changed. b. The price of fertilizer has changed. c. The wage paid to orange pickers has changed. d. The price of oranges has changed. e. The demand for grapefruit has changed.
In a very basic principal-agent model, output is contractible if:
A. the employee works in a team. B. the employee produces many products. C. output can be observed with some positive cost. D. the employee produces a single output.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.