In oligopolistic markets:
a. there are a large number of sellers
b. firms are large relative to the size of the market.
c. there are insignificant barriers to entry.
d. firms have no perceptible influence over the market price.
b
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As a result of trade, specialization in the Ricardian model tends to be
A) complete with constant costs and with increasing costs. B) complete with constant costs and incomplete with increasing costs. C) incomplete with constant costs and complete with increasing costs. D) incomplete with constant costs and incomplete with increasing costs. E) dependent on the specific opportunity costs involved in production.
As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. As a result, she loses half of her productive farmland. If the property of diminishing returns applies to all factors of production, she should expect to see the marginal productivity of her remaining land
a. increase. b. remain unchanged. c. decrease but remain positive. d. decrease and become negative.