The characteristic most closely associated with oligopoly is
A. a few large producers.
B. easy entry into the industry.
C. product standardization.
D. no control over price.
Answer: A
Economics
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Someone who is risk-preferring has
A) diminishing marginal utility of wealth. B) constant marginal utility of wealth. C) increasing marginal utility of wealth. D) less marginal utility of wealth than someone who is risk-preferring.
Economics
The above figure shows an indifference map for a person's choices between leisure and consumption. Derive this person's labor supply curve for wage rates of $5, $10, and $15
What will be an ideal response?
Economics