What is oligopoly?
A) oligopoly means there is many first in an industry selling slightly differentiated products.
B) oligopoly means there are many small firms selling homogenous products.
C) oligopoly means a few business firms dominate an industry.
D) oligopoly means there is only one seller of a particular brand in an industry with many similar products.
Correct Answer:
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Q11: Explain why pricing and output decisions of
Q12: What is monopolistic competition?
A) monopolistic competition means
Q13: A monopolistically competitive firm gains advantage over
Q14: Compared to a firm operating in a
Q15: Which of the following is an example
Q17: When would it be most advantageous for
Q18: In the long run, a perfectly competitive
Q19: Which of the following is an example
Q20: What is a cartel?
A) a cartel is
Q21: Neoclassical economists argue that cartels will eventually
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