A market situation where a small number of sellers compose the ...

[bucstennis@aim.com]

A market situation where a small number of sellers compose the entire industry is called:
 a. monopolistic competition.
  b. monopoly.
 c. oligopoly.
 d. perfect competition.

Question 2

An automobile manufacturer imported equipment in order to produce a particular model at low cost. Falling demand, however, forced it to cease producing that model, and the company took a large loss because the equipment was not usable for producing other models. The equipment was characterized by:
 a. locational specificity.
  b. dedicated specificity.
  c. human specificity.
  d. task specificity.

[annierak]

Answer to Question 1

c

Answer to Question 2

D

[bucstennis@aim.com]

Thanks for the timely response, appreciate it

[adf223]

Excellent