The number of firms in an oligopolistic industry
A) must be less than 10.
B) must be less than 20.
C) must be small enough that firms are interdependent.
D) must be large enough for firms to be independent.
Answer: C
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What is the function of the system of federal regulation created by Congress from 1887 until now?
(a) To change the outcomes of market decisions (b) To enforce the outcomes of market decisions (c) To replace market allocations with economic planning (d) To enforce the law
Clark wishes to buy books and pens. Clark's best choice would be: a. choosing a consumption bundle that lies above the budget line
b. choosing a consumption bundle that lies below the budget line. c. choosing the consumption bundle where his highest indifference curve is tangent to the budget line. d. choosing the consumption bundle where his lowest indifference curve first intersects the budget line.