Which of the following describes an oligopoly?
(A) Eight to ten firms producing 90 percent of the output.
(B) Four firms producing 70 to 80 percent of the output.
(C) One firm producing 95 percent of the output.
(D) Eight to ten firms producing 60 to 70 percent of the output.
Ans: (B) Four firms producing 70 to 80 percent of the output.
Economics
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A pooling equilibrium occurs when
A) dissimilar workers are paid alike. B) firms can distinguish between workers of different qualities. C) workers of the same quality are paid different wages. D) all workers are overpaid equally.
Economics
The relevant market for a firm consists only of firms operating within the same industry
Indicate whether the statement is true or false
Economics