An oligopoly is a market situation in which
A) there are many firms producing differentiated products.
B) there is a single firm producing several varieties of a product.
C) all the sellers act independently of the others.
D) there are very few sellers and they recognize their strategic dependence on one another.
Answer: D
Economics
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President Franklin D. Roosevelt's first action regarding the run on banks was to
(a) close all banks. (b) increase the money supply. (c) prohibit bank foreclosures. (d) provide federal guarantees to depositors.
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The winner's curse occurs when
A) bidders "shade" their bids. B) the winning bid is higher than the good's common value. C) the winner buys something he didn't need. D) the winning bid is higher than the private value of the good.
Economics