1. many buyers and sellers. 2. similar but differentiated product. 3. consumer knowledge is good. 4. entrance to and exit are relatively easy.
a few firms control the market.
5 characteristics of oligopoly?
1. 3 or 4 firms control at least 70% of market. 2. similar products differentiating through advertising. 3. information is readily available. 4. barriers to enter and leave market. 5. non-price competition.
Who wrote the wealth of nations?
What is the basic idea of the wealth of nations?
leave it alone.
What did Smith say?
government should stay out.
basic services that holds a country together.
contains infrastructure and government is involved with just the economy.