Oligopoly is a market structure in which
A. there are only a few sellers.
B. firms are price takers.
C. there exist many firms, each producing a product that is a close, but imperfect, substitute for the products of other firms.
D. there is only one seller.
Answer: A
You might also like to view...
One way to prevent workers from shirking is to
A) hire only workers who are predisposed toward shirking. B) hire only workers who are predisposed toward not shirking. C) reduce monitoring to zero. D) pay workers a fixed fee.
Finite-sample distributions of the OLS estimator and t-statistics are complicated, unless
A) the regressors are all normally distributed. B) the regression errors are homoskedastic and normally distributed, conditional on X1,... Xn. C) the Gauss-Markov Theorem applies. D) the regressor is also endogenous.
If the relative price of a concert ticket is three times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the
a. slope of the budget constraint. b. slope of an indifference curve. c. marginal rate of substitution. d. income effect.
If full-employment GDP is equal to $4.2 trillion, what does the long-run aggregate supply curve look like?
A) It is a horizontal line at $4.2 trillion of GDP. B) It is a vertical line at a level of GDP below $4.2 trillion. C) It is a vertical line at $4.2 trillion of GDP. D) It is a vertical line at a level of GDP above $4.2 trillion.