A positive cross elasticity indicates a substitute relationship

Which of the following is always a characteristic of the oligopoly market structure?

a. Many sellers, each small in size relative to the overall market. b. Few sellers. c. All sellers produce identical products. d. Easy, low-cost entry and exit.

If a specific segment of a demand curve is price elastic, then we know that anywhere along that segment, the

a. percentage change in the quantity demanded exceeds one b. percentage change in quantity demanded exceeds the percentage change in price c. percentage change in price exceeds the percentage change in quantity demanded d. the change in quantity demanded exceeds the change in price e. the good has no close substitutes