True or False
1. Market structure affects price as well as the costs necessary to support that price.
2. Price elasticity of demand is the percent change in price demanded for a given percent change in quantity.
3. The master budget is composed of the operations budget and the future
4. Oligopoly is a market structure:
a. that has many buyers and sellers, a homogeneous product, and allows easy entry into and exit from the industry.
b. in which barriers to entry are so high that there is only one firm in the market.
c. in which there are a few sellers and the barriers to entry are usually cost related.
d. that has characteristics of both monopoly and perfect competition and is much closer to the competitive situation.