While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when
A. there are more firms than a monopolistically competitive market.
B. there is a sufficient number of firms to satisfy the market demand.
C. the firms are so large relative to the total market that they can affect the market price.
D. the firms are so small relative to the total market that they cannot affect the market price.
Answer: C
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The above table gives data for the nation of Mouseville. There are no imports into or exports from Mouseville. Unplanned inventory changes are zero when real GDP equals
A) $300 billion. B) $500 billion. C) $900 billion. D) $700 billion. E) $800 billion.
It has been observed in country X that with an increase in college enrollment over a period of six years, the demand for televisions has also increased
Would it be right to conclude that the increase in college enrollment has caused the increase in demand for televisions? Why or why not?