Natural oligopoly is a situation where
A) the level of demand can support only a few firms.
B) there is only one firm.
C) there are only two firms.
D) there are legal barriers to entry.
A
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A price-discriminating firm will always maximize profit by following the condition that
A. MR > MC. B. MR > P. C. MRa = MRb = MC. D. MR = ATC.
The Fed pays banks interest on bank deposits held on reserve at the Fed
Indicate whether the statement is true or false
Which of the following is true?
A. The bible for the classical economists was Adam Smith's The Wealth of Nations. B. Keynes believed that the problem during recessions was inadequate aggregate demand. C. Say's law states that supply creates its own demand. D. All of the statements are true.
To find the percentage change in price,
A. The change in quantity is divided by the average quantity. B. The change in quantity is divided by the change in price. C. The percentage change in quantity demanded is divided by the percentage change in price. D. The change in price is divided by the average price.