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Author Question: What are the two distinguishing characteristics of oligopoly? What will be an ideal ... (Read 136 times)

Diane

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on: Jun 29, 2018
What are the two distinguishing characteristics of oligopoly?
 
  What will be an ideal response?

Question 2

Assume that both the demand curve and the supply curve for MP3 players shift to the right but the demand curve shifts more than the supply curve. As a result
 
  A) the equilibrium price of MP3 players will decrease; the equilibrium quantity may increase or decrease.
  B) the equilibrium price of MP3 players will increase; the equilibrium quantity may increase or decrease.
  C) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will increase.
  D) both the equilibrium price and quantity of MP3 players will increase.


sultansheikh

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Oligopoly has two distinguishing characteristics: Natural or legal barriers prevent the entry of new firms, and a small number of firms compete in the industry.

Answer to Question 2

D


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