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Unformatted text preview: a. goods produced by different firms are perfect substitutes for one another b. there is a small number of firms c. there are no barriers to entry d. firms only produce when demand is inelastic 4. An oligopoly is an industry where there are a. diseconomies of scale b. many firms c. barriers to entry d. all of the above 5. How many questions were on Tuesdays second exam? a. 20 b. 30 c. 40 d. 50...
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This note was uploaded on 04/27/2011 for the course ECON 251 taught by Professor Blanchard during the Spring '08 term at Purdue University-West Lafayette.
- Spring '08