Which of the following characterizes an oligopolistic industry?
a. Few firms and standardized products
b. Few firms and differentiated products
c. Few firms and wither standardized or differentiated products
d. A large number of competing firms
c
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Which of the following correctly describes a final good?
i. A final good is bought by its final consumer. ii. A final good can be used by a firm as a component of another good or service. iii. Investment goods cannot be a final good. A) i only B) i and ii C) i, ii and iii D) i and iii E) ii and iii
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid by the hour. Under this contract
A) efficiency is not achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.