Economics USA: 21st Century Edition
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To show that many markets are dominated by a small number of firms, and how these try to avoid price competition.
Chairman of the Civil Aeronautics Board during the period when it ended its regulation of the airline industry, paving the way for low-cost airlines from People Express to Southwest Airlines.
See full bioDistinguished Professor of History at George Washington University and visiting professor at Fudan University in China.
See full bioUse this web-based calculator to aid in your studies.
Monopolistic competition occurs where there are...
many sellers, and considerable product differentiation.
NEXT QUESTIONPerhaps the most OBVIOUS difference between monopolistic competition and oligopolies is the...
Oligopolies can sell differentiated products (automobiles are an example), and though the amount of advertising each conducts may differ, consumers are not as likely to be aware of that as of the number of sellers involved. Monopolistic competition involves many sellers, oligopoly few.
NEXT QUESTIONPerhaps the simplest definition of oligopoly is...
The second option is characteristic of oligopolies, but not the definition. The first and fourth options are completely incorrect.
NEXT QUESTIONResearch and development in the auto industry has been widely and severely criticized by economists MAINLY because...
there has been too much emphasis on style, and not enough on substantive improvements.
NEXT QUESTIONIn the years following the passage of the Sherman Antitrust Act, its supporters have come to regard it as...
well intentioned but overly general.
NEXT QUESTIONAccording to the videotape presentation, airline deregulation has taught us which of the following important lessons?
Regulation often works more to the benefit of the industry than the consumer.
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