The market outcome in a duopoly with homogeneous products is similar to that in ________.
A) a perfectly competitive market
B) a monopolistically competitive market
C) a monopoly
D) an oligopoly with differentiated products
Question 2
Suppose there are three houses in a neighborhood. The residents are considering installing street lights and are trying to determine how many lights need to be installed.
Each resident's willingness to pay for street lights is given in the table below.
Number of Street Lights House 1 House 2 House 3
1 300 400 200
2 280 360 160
3 240 300 120
4 180 220 100
5 80 100 10
If the cost of installing one light is 500, how many lights will be installed?
A) 1
B) 2
C) 4
D) 5
Eggs, milk, and cheese are complete proteins, because they are animal products.
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