The oligopoly is known to have a one producer dominating the market. This results in a few suppliers/sellers in the market, and thus can cause a high increase in the price of the products that are being sold in its respective community.
Answer:
B. at the intersection of supply and demand
Explanation:
Equilibrium is a market condition where there no excess or shortage in demand and supply. It is when the quantity demanded matches the quantity supplied. At equilibrium, buyers and sellers are happy with the prevailing prices.
In a graph showing the demand and supply curve, the equilibrium point is the intersection of the supply and demand curve.
Answer:
$15,000
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
When calculating GDP, only items produced in the current year are added. The house had been sold in 2007. Adding the sale to the GDP in 2011 would lead to double counting.
It's only the amount paid to the agent that would be added to GDP.
I hope my answer helps you
