Which of the following is a similarity between an oligopoly and monopolistic competition?
a. Both markets are characterized by mutually interdependent decision making.
b. Both markets produce homogeneous products

c. Both markets are controlled by many dominant firms.
d. Both markets have firms that compete for market share.

d

Economics

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What causes an economy to produce a level of output which lies inside the production set?

Economics

Figure 17-10


Refer to . Producer surplus with trade and without a tariff is
a.
G.
b.
C + G.
c.
A + C + G.
d.
A + B + C + G.

Economics