When an economist says an oligopoly has a "small" number of firms,the economist means:
A) exactly 1.
B) exactly 2, 3, or 4.
C) few enough to allow for interdependence.
D) few enough to allow for perfectly inelastic demand curves.
E) few enough to allow for four stages of industry development.
Correct Answer:
Verified
Q1: Two firms (A and B)have marginal costs
Q3: A cartel is:
A) the name for firms
Q4: Cartels can only exist:
A) in oligopoly markets.
B)
Q5: In the United States most cartels were
Q6: Profit-maximizing cartels choose price equal to:
A) marginal
Q7: The OPEC oil cartel lost its market
Q8: Profit-maximizing cartels allocate sales according to:
A) precartel
Q9: The optimal output and price for the
Q10: A market where there are only a
Q11: Oligopoly is the only market structure in
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