A market where there are a few large firms that control the market is called a(n)
Answer: oligopoly
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Business Management
- Suzie signed a contract to sell her soybeans locally to a feed dealer. The best term for this transaction is
- All of the following are said to be inelastic with regard to demand except
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- To the untrained eye, workers at businesses such as the telephone company and the post office may not appear to be moving when actually they are just very slow workers. Slow service is often blamed on the situation of those businesses, where workers have no incentive to do a good job.
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- Which items are most readily converted into cash without loss?
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- When a banker asks a person to pledge his land, livestock or similar property to obtain a loan, this property is referred to as
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- Vern sued his boss, Wilber Wilt, because he fell through a hole in the storage room floor and broke his leg. The judge found Wilber guilty because the hole had been there for months and two other people had also hurt themselves by falling through the hole. The judge said, "You failed to take ordinary care to protect your worker. In other words, I find you guilty of ."
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- If the government were to set the price of milk at an artificially high price, what is likely to occur?
- A written statement that the seller of property gives to the buyer that gives up only the seller's right to the property but does not imply the property is free from legal claims by outside parties is called a(n)
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