If a market is dominated by a few large, interdependent firms, it is said to be a(n)
a. oligopoly
b. monopoly
c. integrated monopoly
d. monopolistically competitive market
e. perfectly competitive market
A
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In response to the Great Recession of 2007-2009, when did the Federal Reserve first cut the federal funds rate to zero?
a. December 2007 b. June 2008 c. December 2008 d. January 2010
Label the graph above with respect to the three phases of the business cycle and the cycle turning points.
A potential negative effect of advertising for society is that it can:
A. be self-canceling and contribute to economic inefficiency. B. lower barriers to entry and undermine profits in the industry. C. reduce mutual interdependence and increase competition. D. be the major cause of price wars among firms in the industry.
Which of the following statements is true?
A. The active antitrust perspective believes that competitive market forces will automatically and actively reduce a firm's monopoly power in the long run B. The active antitrust perspective believes that the government should play the role of officials and umpires and enforce the rules of the competitive game C. The laissez-faire perspective views firms as players in a competitive game who will sometimes violate the rules in order to gain a huge advantage over others D. The laissez-faire perspective believes that an active enforcement of antitrust policy is the only way to reduce the monopoly power of giant firms