Describe the difference in market structure between monopoly and oligopoly
What will be an ideal response?
Monopoly has only one producer because the product is unique, or has no close substitutes, or government gives it the exclusive authority to produce and sell that product.
Oligopoly has relatively few large firms producing standardized or differentiated products, but for which entry into or exit from the industry is very difficult, so that they are mutually interdependent in their pricing-output decisions.
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If a bank's reserves are exactly equal to the required amount of reserves, then it has no excess reserves
a. True b. False Indicate whether the statement is true or false
Camila is a homemaker. Last week, she was busy with her normal household activities. How would the Bureau of Labor Statistics classify her?
a. A member of the civilian labor force who is employed. b. A member of the civilian labor force who is unemployed. c. A member of the civilian labor force who is underemployed. d. A discouraged worker who is not a member of the labor force. e. Not a member of the labor force.
Equilibrium price is _____ and equilibrium quantity is _____ units.
A. $8; 9
B. $7; 10
C. $6; 10
D. $5; 9
When Germany increased fiscal spending and raised interest rates in the early 1990s,
A) economic growth increased throughout Europe. B) other countries were forced to raise interest rates to stay in the ERM. C) it was unsuccessful in supporting East Germany. D) it forced other countries to devalue their currencies.