A special case of an oligopoly where there are only two firms is called:
A. a monopoly.
B. a duopoly.
C. perfect competition.
D. monopolistic competition.
Answer: B
You might also like to view...
The structural deficit is
A) the difference between the actual deficit and the natural employment deficit and it increases whenever income rises. B) identical to the natural employment deficit and it decreases whenever tax rates are cut. C) identical to the natural employment deficit and it increases whenever the natural level of output increases. D) identical to the natural employment deficit and it decreases whenever the natural level of output increases.
Suppose a firm has a variable cost function VC = 20Q with avoidable fixed cost of $50,000. What kind of firm is this?
A. This firm is a natural monopoly because as Q rises, AC falls. B. This firm is a natural monopoly because as Q rises, AC rises. C. This firm is a natural monopoly because as Q rises, VC falls. D. This firm is a natural monopoly because as Q rises, VC rises.
About 540 million passengers took plane trips in the United States in 2012 . If the average price of time for air travelers is $25 per hour, the opportunity cost of an hour of delay in airports is _____ per year
a. $13.5 billion b. $14.5 billion c. $12 billion d. $25 billion
Refer to the above figure. Which of the above panels represents complete income equality?
A. Panel A B. Panel B C. Panel C D. Panel D