Which of the following statements about oligopolies is not correct?
a. There are only a few firms in the industry.
b. Each firm possesses some market power.
c. Oligopolistic firms are always large.
d. An important reason for the existence of oligopolies is the presence of economies of scale.
Ans: c. Oligopolistic firms are always large.
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A) assists investors who are considering buying the firm's stock. B) helps the firm's managers make decisions. C) guide resource allocation in the economy. D) all of the above
A price floor (set above the equilibrium price) on rice will
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In the diagram below, profit is maximized at point 
A. C. B. D. C. B. D. A.
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A) too many resources are invested in research and development. B) too few resources are invested in research and development. C) the right amount of resources is invested in research and development. D) investing in research and development is not a good idea.