In an oligopoly
A) there are many firms.
B) there is one firm.
C) there are few firms.
D) firms openly collude.
C
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When moving along a market demand curve, the prices of related goods are assumed to be constant. With an aggregate demand curve,
A. the assumption is meaningless because we are using a market basket for all goods and services. B. the prices of related goods have an inverse relationship. C. all goods are assumed to have the same price. D. the same assumption holds true.
Which of the following is not true about a monopsonist?
A. It can set the wage rate and hire any desired number of workers at that wage. B. It is the only buyer of labor in a market. C. It usually extracts rents from its monopsony power. D. It determines the optimal employment-wage rate combination by equating the marginal revenue product of labor to the marginal cost of labor.
Which of the following is a correct sequence of events during an expansion?
A. Unemployment rises, income falls, tax revenue falls, unemployment benefits rise, and the budget deficit rises. B. Unemployment rises, income falls, tax revenue rises, unemployment benefits fall, and the budget deficit falls. C. Unemployment falls, income falls, tax revenue falls, unemployment benefits rise, and the budget deficit falls. D. Unemployment falls, income rises, tax revenue rises, unemployment benefits fall, and the budget deficit falls.
The view that the mere possession of monopoly power is a violation of the antitrust laws, as in the Alcoa case of 1945, suggests that the application of antitrust laws should be based on industry:
A. Behavior B. Size C. Efficiency D. Structure