A: Which of the following is an example of an oligopolisticmarket with a standardized product?

	The market for automobiles.
	The market for jewelry.
	The market for breakfast cereal.
	The market for aluminum.

B: Which of the following suppliers is most likely to be amonopolist?

	A water company
	A shirt producer
	A lettuce farmer
	A cereal producer

C: Which of the following scenarios best represents the pricingbehavior of a monopolist?

	Stay*Put Pins takes the market price of clothespins as given andproduces the amount of clothespins where marginal revenue equalsmarginal cost.
	Copycat Handbag Co. chooses the price it charges by estimatingwhat its rivals are most likely to do and then taking theirresponses into consideration when pricing its products.
	Our Drugs Inc. produces where its marginal revenue is equal toits marginal cost and prices on its downward-sloping demand curve,such that the market for its product clears knowing it will notface competition due to patents it holds on its products.
	Teen Angle Hardware looks for a niche to sell its hardwareproducts to teens, but finds that it is difficult to turn aneconomic profit due to other hardware stores also looking forniches.

Answer rating: 100% (QA)

Answer A Option D is correct The market for aluminium is an example of an ol... View the full answer