The law that prohibits price from reaching its equilibrium point, by enforcing a maximum that is below equilibrium is called a _____ and results in a _____.
a. price ceiling; shortage
b. price ceiling; surplus
c. price floor; shortage
d. price floor; surplus
Question 2
Which of the following characteristics distinguishes oligopoly from other market structures?
a. Firms operating in an oligopoly are independent of each other.
b. Firms operating in an oligopoly are interdependent.
c. Oligopoly is the simplest of all the other market structures.
d. An oligopolist does not face a downward-sloping demand curve.
e. Entry into an oligopolistic market is easier than entry into a monopolistically competitive market.
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