Oligopolists are more sensitive to the pricing and output policies of their rivals when
a. all firms produce identical products
b. their products are highly differentiated
c. there is freedom of entry and exit
d. there are barriers to entry
e. there are many firms in the industry
A
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To reduce the political influence on the Board of Governors,
A) the president of the United States appoints a new board every four years. B) the reelection campaign for each member is less than one year C) each member is appointed for 7 years, with one term expiring every year. D) each member is appointed for 14 years, with one term expiring every two years.
Market power is
A. The ability to alter the market price of a good or service. B. A characteristic of all market structures. C. Enjoyed by all firms at high levels of output. D. Most common for competitive firms.