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.
b
You might also like to view...
Clarity Dence pays $375 for a used acoustic guitar from the local music instrument dealer. The dealer himself purchased it for $150. In principle, how would this exchange affect GDP?
A) Nothing happens to GDP, because the guitar is a used good. B) GDP increases by $150. C) GDP increases by $225. D) GDP increases by $375. E) GDP increases by $525.
The Heckscher-Ohlin model differs from the Ricardian model of Comparative Advantage in that the former
A) has only two countries. B) has only two products. C) has two factors of production. D) has two production possibility frontiers (one for each country). E) has varying wage rates.