Which of the following is a characteristic of an oligopolistic market structure?
A) There are few dominant sellers.
B) Each firm sells a unique product.
C) It is easy for new firms to enter the industry.
D) Each firm need not react to the actions of rivals.
Answer: A
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The top 5 percent of health care users in the United States account for
A) 30 percent of all health costs. B) over 50 percent of all health costs. C) over 75 percent of all health costs. D) almost 90 percent of all health costs.
What is the economic meaning of the expression that "there is no such thing as a free lunch"?
A. It means that economic freedom is limited by the amount of income available to the consumer. B. It indicates that products only have value because people are willing to pay for them. C. It means there is an opportunity cost when resources are used to provide "free" products. D. It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it.
A monopolistically competitive firm is operating at a short-run level of output where price is $30, average total cost is $35, average variable cost is $25, marginal cost is $15, and marginal revenue is $12. In the short run this firm should:
A. decrease the level of output. B. shut down. C. make no change in the level of output. D. increase the level of output.
Refer to the above table. The marginal utility of the 6th movie for Michael is
A. 40 units of utility. B. 30 units of utility. C. 35 units of utility. D. 25 units of utility.