Which of the following is a characteristic of an oligopoly market?
a. Each firm in an oligopoly market can take independent pricing and output decisions.
b. There are many firms in an oligopoly market hence a firm cannot influence the market price.
c. In an oligopoly market, each firm's pricing and output decisions depend on those of its rivals.
d. Firms in an oligopoly market always manufacture differentiated products.
e. Barriers to entry does not exist in an oligopoly market.
c
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When describing goods and services, what is meant by the terms "rival" and "nonrival?" Are private goods rival or nonrival? Are public goods rival or nonrival? Are common resources rival or nonrival?
What will be an ideal response?
Mary can clean 20 windows per hour or type 30 pages of paper per hour. Tom can clean 18 windows per hour or he can type 25 pages of paper per hour. Based on this
A. Mary has comparative advantages in both activities. B. Tom has a comparative advantage in cleaning windows. C. Tom has comparative advantages in both activities. D. Mary has a comparative advantage in cleaning windows.