A duopoly occurs when ________
A) there are only two producers of a particular good competing in the same market
B) there are two producers of two goods competing in an oligopoly market
C) there are numerous producers of two goods competing in a competitive market
D) the one producer of two goods sells the goods in a monopoly market
A
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Albro Martin (1971) argues that the Interstate Commerce Commission (1887–1995) was
(a) never a case of "capture." (b) "captured" by the railroads themselves. (c) "captured" by the customers of the railroads. (d) too ineffective to warrant "capture" by anyone.
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $2 and the price of soybean feed is $6, what is the cost-minimizing fee combination producing P = 200?
a. C = 100 b. S = 40 c. C = 50, S = 20 d. All points on the P = 200 isoquant would cost the same.