One key characteristic that is distinctive of an oligopoly market is that:
A. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve.
B. the decisions of one seller often influences the price of products, the output, and the profits of rival firms.
C. there is only one firm that produces a product for which there are no good substitutes.
D. there are many sellers in the market and each is small relative to the total market.
Answer: B
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The owner of a proprietorship might decide incorporate the firm as a corporation in order to
A) be able to conduct business in more than one county. B) avoid the principal-agent problem. C) be eligible for patent protection of new products. D) gain limited liability.
Which of the following is a part of your economics professor's human capital?
a. the things she learned at some prestigious university b. her copy of Mankiw's text c. her chalk holder d. All of the above are correct.