There are a few firms in the automobile industry in Poorland. In order to prevent a price war, these firms have secretly agreed to charge a price 20% above the marginal cost of production. This is an example of ________

Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?

A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly. C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly. D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.

All of the following are characteristics of a monopsony employer except: a. there is a single buyer of labor

b. the monopsony firm moves up the positively sloped supply curve it faces. c. fewer number of workers hired for wages below what they would be in a competitive market. d. workers work for less than their marginal revenue product.