The term oligopoly is highly ambiguous in the absence of
A) a clear and defensible definition of the product.
B) a clear price structure.
C) a definition of marginal cost.
D) accounting rules adequately defining net revenue.
E) clear distinctions between competitive and noncompetitive industries.
Question 2
Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B.
If there is exceptionally good growing weather in the wapanzo bean growing region then supply will ________ and demand will ________. A) become case C; become case 1
B) become case C; stay at case 2
C) become case C; become case 3
D) stay at case B; become case 1
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