The industry that most closely approximates the conditions of the oligopoly model is:
A. restaurants.
B. retail clothing.
C. home construction.
D. tires.
Answer: D
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Which of the following statements best describes the concept of consumer surplus?
A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69." B) "Target was having a sale on tube socks so I bought 5 pairs." C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5." D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."
In response to accounting scandals in 2002, the federal government passed legislation requiring among other things that auditors disclose any potential conflicts of interest. What is the name of this legislation?
A) the Kennedy-Lott Act B) the Accountant Reliability Act C) the Sarbanes-Oxley Act D) the 24th amendment to the Constitution
When the growth rates of actual and potential GDP diverge, they usually diverge because
A. actual GDP growth equals potential GDP growth. B. actual GDP growth falls below potential GDP growth. C. potential GDP growth rates fall below actual GDP growth rates. D. potential GDP growth rates fluctuate while actual GDP growth rates remain stable.
Suppose the U.S. government has an annual budget of about $3.03 trillion. Does the U.S. government face the problem of scarcity?
a. No, a government with $3.03 trillion faces no real constraints. b. No, scarcity does not apply to governments. c. Yes, resources are limited even for the U.S. government. d. Yes, although the U.S. government can easily obtain more resources. e. Uncertain-economic theory has no answer to this question.