In the United States, "farm products" are generally produced in more ___________ markets, while "food products" tend to be sold in markets that are more ____________
A. monopolistic; competitive
B. competitive; oligopolistic
C. oligopolistic; competitive
D. oligopolistic; monopolistic
Answer: B
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Because each perfectly competitive firm sells a product identical to that of the other firms
A) each firm tries to cut prices to increase its market share. B) each firm's output is a perfect substitute for the output of any other firm. C) each firm expects to earn some economic profit. D) the demand for each firm's product is perfectly inelastic.
A perfect monopoly:
A. has no competition at all. B. has complete market control. C. restricts output to maximize profits. D. All of these statements are true.
The United States has a much higher national debt as a percentage of GDP compared to other industrialized nations
a. True b. False Indicate whether the statement is true or false
Why is voluntary exchange an important source of economic prosperity?
A) All of the above are correct. B) It makes it possible to produce a larger output as a result of gains from division of labor and specialization. C) It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. D) It moves goods from people who value them less to people who value them more.