An intersection known as Four Way Stop lies 250 miles from thenearest town. At t

Question

An intersection known as Four Way Stop lies 250 miles from thenearest town. At this intersection there are threeindependently owned gas stations and a small pharmacy. Whichof the following is true? a. The firms are perfectly competitive because of theirsize b. The gas stations are perfectly competitive, thepharmacy is not c. It would be easier for all four firms to form acartel. d. The gas stations are oligopolists, the pharmacy is amonopolist e. The gas stations are monopolistically competitivebecause there are so few of them that they are almostmonopolists. An intersection known as Four Way Stop lies 250 miles from thenearest town. At this intersection there are threeindependently owned gas stations and a small pharmacy. Whichof the following is true? a. The firms are perfectly competitive because of theirsize b. The gas stations are perfectly competitive, thepharmacy is not c. It would be easier for all four firms to form acartel. d. The gas stations are oligopolists, the pharmacy is amonopolist e. The gas stations are monopolistically competitivebecause there are so few of them that they are almostmonopolists.

Explanation / Answer

D. Gas is oligopolists and pharmacy is monopolitss

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