All of the following are possible characteristics of oligopoly except
a. free entry into the industry.
b. significant economies of scale.
c. interdependence among sellers.
d. homogeneous product.
a
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When quantity demanded is more than quantity supplied:
a. rationing b. price floor c. excess demand d. surplus e. equilibrium
The Fed sometimes acts as a lender of last resort. This means that
a. individuals can borrow from the Fed when the President declares a national disaster b. individuals can try to borrow money from the Fed if they are unable to borrow from a bank c. banks can always go to the Fed for reserves in order to purchase more government bonds d. banks can always go to the Fed for reserves to meet their obligations to depositors e. business firms can try to borrow money from the Fed they are unable to borrow from a bank