A market situation in which there are very few sellers is
A) oligopoly.
B) perfect competition.
C) monopoly.
D) monopolistic competition.
Answer: A
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Which of the following is the best example of a consumption good?
a. mp3 player b. farm c. factory d. bulldozer
Programs that provide goods or services, rather than cash, directly to needy individuals or households are called:
A. economic growth. B. conditional cash transfers. C. in-kind transfers. D. social insurance.
If the price elasticity of demand for a product is unity, a decrease in price will:
A. have no effect upon the amount purchased. B. increase the quantity demanded and increase total revenue. C. increase the quantity demanded but decrease total revenue. D. increase the quantity demanded, but total revenue will be unchanged.
Considering a given increase in price due to a tax, the more price elastic the supply curve is, the:
A. larger the drop in equilibrium quantity. B. smaller the drop in equilibrium quantity. C. smaller the amount of deadweight loss created. D. less surplus that is transferred to consumers.