A Duopoly Occurs When _______

question 63

Multiple Choice

A duopoly occurs when _______.

• A) the one producer of two goods sells the goods in a monopoly market
• B) there are numerous producers of two goods competing in a competitive market
• C) there are only two producers of a particular good competing in the same market
• D) there are two producers of two goods competing in an oligopoly market

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Definitions:

Checks

Checks are written, dated, and signed instruments that direct a bank to pay a specific amount of money from the writer's account to the person or entity in whose name the check has been issued.

Drafts

Written orders by one party (the drawer) to another (the drawee) to pay a specific amount of money to a third party (the payee) on demand or at a specified future date.

Promissory Notes

Written and signed agreements in which one party promises to pay another a specified sum of money either on demand or at a future date.

Specified Date

A particular or agreed upon day on which an event is scheduled to occur or a deadline is to be met.