Author Question: An oligopoly is a market structure in which: a. one firm has 100 percent of a market. b. there are ... (Read 80 times)

Themember4 · **on:** Jun 30, 2018

An oligopoly is a market structure in which:
a. one firm has 100 percent of a market.
b. there are many small firms.
c. there are many firms with no control over price.
d. there are few firms selling either a homogeneous or differentiated product.

Question 2

An economist left her 100,000-a-year teaching position to work full-time in her own consulting business. In the first year, she had total revenue of 200,000 and business expenses of 100,000 . She made a(n):
a. economic profit.
b. economic loss.
c. implicit profit.
d. accounting loss but not an economic loss.
e. zero economic profit.