Which of the following is an example of differentiated goods?

Water is considered a necessity. So, is the demand for water elastic or inelastic?

What will be an ideal response?

An oligopoly firm is similar to a monopolistically competitive firm in that

A) both operate in a market in which there are significant entry barriers. B) both firms face the prisoner's dilemma. C) both firms have market power. D) both firms are in industries characterized by interdependence of firms.