1.When trade is voluntary, who benefits?

Group of answer choices

the seller

the buyer

both the buyer and the seller

No one benefits.

Trade is never voluntary.

2.Oligopolistic industries are dominated by ________ firms, that have market power by virtue of their ___________.

Group of answer choices

a few large; size alone

many small; economies of scale

many small; product differentiation

many large; size alone

a few small; product differentiation

3.A firm characterized as a price taker

Group of answer choices

is not a characteristic of a perfectly competitive market.

has no control over the price it pays, or receives, in the market.

has control over the price it pays, or receives, in the market.

sets the price for the market.

takes the price that is determined from the lowest price consumer are willing to pay for an item.