An oligopoly is a market structure in which:
a. there are many firms with no control over price.
b. there are few firms selling either a homogeneous or differentiated product.
c. there are many small firms.
d. one firm has 100 percent of a market.
b
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Most economists' disagreements are a result of:
A) factual considerations. B) positive economics. C) the scientific method. D) normative considerations.
Which of the following will definitely occur when there is an increase in demand for and a decrease in supply of milk?
A. a decrease in equilibrium price B. a decrease in equilibrium quantity C. an increase in equilibrium quantity D. an increase in equilibrium price
In a perfectly competitive market,
A) firms can freely enter and exit. B) firms sell a differentiated product. C) transaction costs are high. D) All of the above.
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. If this firm's cost of capital is $10 per unit and its cost of labor is $5 per unit, the isocost line represents a total cost of
A. $1,000. B. $2,000. C. $3,000. D. $4,000.