"Duopoly" is
A) another name for monopoly.
B) a special type of monopolistic competition.
C) a two-firm oligopoly.
D) a game with three players.
E) the situation when a firm sets a duo (two) of different prices for its customers.
C
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Under monopsony, marginal factor cost is
A) equal to the wage rate. B) below the wage rate but increases as more workers are hired. C) greater than the wage rate. D) downward sloping.
What do you mean by the term 'free market'? a. It refers to the process whereby buyers and sellers interact or trade under government regulation
b. It refers to the process whereby buyers and sellers voluntarily interact or trade without any interference or restrictions. c. It refers to a market where buyers and sellers pay for goods and services in kind and not in cash. d. It refers to a market where assets are traded after they have been sold in the primary market. e. It refers to a market where the demand for the product being traded is not affected by a change in the price of the product.