Oligopoly occurs when

a. a few firms sell many different products.
b. a few firms sell to a few large buyers.
c. many firms dominate a single market.
d. a few firms dominate a single market.

d

Economics

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Gross revenue minus explicit and implicit costs is equal to

A) net worth. B) accounting profit. C) economic profit. D) opportunity cost.

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If the consumption function is defined as C = 7,250 + 0.8Y, what is the value of the multiplier?

A) 0.2 B) 0.8 C) 1.25 D) 5

Economics