#micro-economics
Give an example of an oligopolistic market?
The market for crude oil 
What is The unique feature of an oligopoly market?
The unique feature of an oligopoly market is that the actions of one seller have a significant impact on the profits of all of the other sellers in the market
The market for hand tools (such as hammers and screwdrivers) is dominated by Black & Decker, Stanley, and Craftsman.  This market is best described as?
an oligopoly
Laws that make it illegal for firms to conspire to raise prices or reduce production are known as?
antitrust laws
when price is lower, more units of a goods are usually demand because?
 the good is cheaper to produce with a larger market
An increase in the price of a good along a stationary demand curve?
decreases consumer surplus
As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like?
a competitive market
Monopolistic competition means?
many firms producing differentiated products
Define Marginal utility?
the extra utility derived from consuming one additional unit of a good or service
Producer surplus is the area?
above the supply curve and below the price
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