Most canals were economic failures

An oligopoly is a market

a. dominated by a single seller b. dominated by a single buyer c. dominated by a small number of strategically interdependent firms d. with many buyers and sellers, no barriers to entry and differentiated products e. with many buyers and sellers, no barriers to entry and a standardized product

Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget

A) a normal good; very small B) an inferior good; very small C) a normal good; very large D) an inferior good; very large