Oligopoly Is

question 50

Multiple Choice

Oligopoly is

• A) always efficient.
• B) efficient only if the firms cooperate.
• C) efficient only if the firms play non-repeated games.
• D) generally not efficient.
• E) efficient only if the firms innovate.

Understand the syntax, usage, and flow control of switch statements, including the roles of break and default keywords.

Identify and apply best practices in defensive programming to validate data and prevent runtime errors.

Recognize logical, relational, and assignment operators, and differentiate between them.

Understand the concepts of bioprospecting, biopiracy, and how they relate to biocolonialism.

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Definitions:

Economic Losses

Financial losses incurred due to inefficiencies, decreased demand, or negative external factors affecting the economy.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, indicating the extra income earned over what could have been earned in the next best alternative.

Accounting Profits

The sales revenues minus the expenses of a firm over a designated time period, usually one year. Accounting profits typically make allowances for changes in the firm’s inventories and depreciation of its assets. No allowance is made, however, for the opportunity cost of the equity capital of the firm’s owners, or other implicit costs.

Zero

Zero is a numerical value representing the absence of any quantity or magnitude; it plays a central role in mathematics and economics.