1)What is the minimum number of firms required for an industry to be an oligopoly? a) 1 b) 2 c) 3 d) 100 e) Many 2)True or False: (a) In a competitive market, the incidence of an excise tax ("who really pays the tax") is on consumers, if demand is perfectly inelastic

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1)What is the minimum number of firms required for an industry to be an oligopoly?

a) 1

b) 2

c) 3

d) 100

e) Many

2)True or False:

(a) In a competitive market, the incidence of an excise tax ("who really pays the tax") is on consumers, if demand is perfectly inelastic.

(b) An art museum is a good example of a public good that is best provided through government support.

(c) Public goods are a market failure because the cost of providing them cannot be measured - that is, the failure is on the producer-side of the potential market for public goods.