All of the following are characteristics of an oligopolistic market EXCEPT
A) firms must consider the actions of their rivals.
B) cartels eventually form to keep prices high.
C) firms have the ability to influence prices.
D) firms earn lower profits than a monopoly.
B
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A rent ceiling below the equilibrium rent
A) increases the quantity of housing supplied. B) is an example of a price floor. C) has no effect on the housing market because the ceiling is below the equilibrium. D) can create a black market. E) limits search because people need no longer search for cheap apartments.
The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year
When a $2 tariff is in place, U.S. production is equal to ________ batteries per year. A) 900,000; 700,000 B) 300,000; 100,000 C) 100,000; 500,000 D) 300,000; 500,000 E) 100,000; 300,000