If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited?
X Limited price variations restrict actual choice. (wrong)
In pure competition, producers compete exclusively on the basis of
When an oligopoly exists, how many producers dominate the market?
In the United States, which type of industry is often considered part of an oligopoly?
cell phone carriers
Which helps enable an oligopoly to form within a market?
Firms cooperate to reduce competition.
Why is competition limited in an oligopoly?
Barriers prevent new producers from entering the market.
… is the type of competition that occurs in a competitive market without identical producers.
Which best describes how the government sanctions technological monopolies?
by issuing a patent for the technology
… is the term used to describe the amount of control or influence that consumers have on a market.
Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?