In oligopoly, firms
A. are able to influence price only if the oligopolist's products are differentiated.
B. by virtue of their size, are able to influence price regardless of whether or not the product is differentiated or standardized.
C. are able to influence price only if the oligopolist's products are standardized.
D. have no influence over price regardless of whether or not the product is differentiated or standardized.
Answer: B
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One reason why, in the last four decades, the number of new auto makers in the world has been very small compared to the past is that
A) governments restrict who can produce automobiles. B) new auto makers cannot obtain necessary inputs to produce new cars. C) new producers cannot match the economies of scale of existing auto makers. D) the automobile cannot be improved upon in any way by new producers.
For barter to occur, there has to be a double coincidence of wants
Indicate whether the statement is true or false