The key feature of an oligopoly is that there
A) are many buyers and sellers.
B) is one seller.
C) exists product differentiation.
D) are only a few sellers.
D
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What are explicit costs? What are implicit costs?
What will be an ideal response?
Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in Figure 2-3 represents his production possibilities frontier?
A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C
If the price of gasoline rises sharply and the demand for sports utility vehicles falls, then the two goods are
A) complements. B) normal goods. C) substitutes. D) inferior goods.
When an economy is producing at its potential level of output:
A. cyclical unemployment is not occurring. B. structural unemployment is not occurring. C. frictional unemployment is not occurring. D. there is no unemployment.