One key characteristic that is distinctive of an oligopoly market is that
a. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve.
b. the decisions of one seller often influence the price of products, the output, and the profits of rival firms.
c. there is only one firm that produces a product for which there are no good substitutes.
d. there are many sellers in the market and each is small relative to the total market.
B
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The discount rate is the interest rate
A) paid on time deposits. B) paid on funds banks borrow from other banks. C) paid on funds that depository institutions borrow from the Federal Reserve. D) that banks charge their "best" customers.
A long line at the campus bookstore at the beginning of the term is an example of
A) price rationing. B) an ineffective price ceiling. C) a non-price rationing device. D) an ineffective price floor.