Which of the following is found ONLY in oligopoly?
A) Producers sell identical products.
B) One firm's actions affect another firm's profit.
C) Entry into the industry is blocked.
D) Sellers face a downward sloping demand curve for their product.
E) The firm's demand curve is horizontal.
B
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By the summer of 2008, about what percent of subprime mortgages were overdue by at least 30 days?
A) 10% B) 25% C) 34% D) 50%
A price floor set above an equilibrium price tends to cause persistent imbalances in the market because
a. Quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage. b. Quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus. c. Quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage. d. Quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus.