The above table shows the short-run total product schedule for the campus book store. With which employee do diminishing marginal returns set in?

An estimated demand curve does NOT necessarily match actual data perfectly because

A) it is not possible to accurately calculate the coefficients of the curve. B) some factors that are not measured or observed may affect the curve. C) the random error term has too large of a range. D) demand is unpredictable.

An oligopoly market is characterized by limited number of sellers, each having complete control over the market price level as in case of monopoly

Indicate whether the statement is true or false