An oligopoly is a market structure in which there are
A) only a few buyers but many sellers.
B) only a few sellers selling either an identical or differentiated product.
C) many sellers selling a differentiated product.
D) a few products sold by many sellers.
B
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Which of the following is illegal under the Sherman Act? I. A competitor agrees with another competitor on the price at which the product will be sold. II
A manufacturer refuses to supply a retailer who does not accept the manufacturer's guidance on the price. A) only I B) only II C) both I and II D) neither I nor II
All of the following are part of the "individual mandate" provision of the Patient Protection and Affordable Care Act (ACA) except
A) individuals who do not acquire health insurance will be subject to a fine. B) with limited exceptions, every resident of the United States will be required to have health insurance that meets certain basic requirements. C) in 2016, fines for not having health insurance are the greater of $695 per person or 2.5 percent of income. D) individuals were allowed to opt out of the insurance program if they could prove they had no serious health issues and did so before the act fully took effect in the year 2014.
The steepness of a curve is partially determined by the units of measurement
a. True b. False Indicate whether the statement is true or false
If a monopoly charges higher prices to consumers who buy smaller quantities than to consumers who buy larger quantities, then
A) consumers who buy larger quantities have a higher price elasticity of demand. B) consumers who buy larger quantities have a lower price elasticity of demand. C) consumers who buy smaller quantities have a lower price elasticity of demand. D) Both A and C.