Which one of the following industries is best classified as an oligopoly?
A) textbook publishers
B) retailing
C) wheat farms in the United States
D) fast food restaurants
A
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Because of the adverse selection problem
A) good credit risks are more likely to seek loans causing lenders to make a disproportionate amount of loans to good credit risks. B) lenders may refuse loans to individuals with high net worth, because of their greater proclivity to "skip town." C) lenders are reluctant to make loans that are not secured by collateral. D) lenders will write debt contracts that restrict certain activities of borrowers.
The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance. B) productive dominance. C) comparative advantage. D) absolute advantage.
If a pair-wise majority vote was held to determine which school project gets funded, the voters' preferences are shown in the table, and the gym and library are voted on first, which project will win in the end?
A. Library
B. Computer lab
C. Gym
D. It is impossible to predict which project would win.
The Single European Act passed in 1987 sought to:
A) bring former communist nations into the EC. B) further integrate the European economies to promote trade and economic growth. C) establish the European nations as sovereign nations with no political ties to the center. D) impose stiff penalties for violating the exchange rate parities set in the ERM.