In which market type are firms able to influence price on both standardized products and differentiated products by virtue of their size?
A. monopolistic competition
B. perfect competition
C. oligopoly
D. all of the above
Answer: C
You might also like to view...
One thousand adults live in Milltown. Every day, they all leave work at 4:30 p.m., arrive home at exactly 5:00 p.m., and go to bed at 9:00 p.m. Three fundraisers, Alpha, Beta, and Charlie, have targeted Milltown's population. To get a donation, they must call Milltown's residents after they get home from work but before they go to bed. Because the charities raising the funds are identical, the first to call a willing donor will get the donation. Calls made by the fundraisers will tend to be:
A. clustered near 7:00 p.m. B. clustered near 6:00 p.m. C. clustered near 5:00 p.m. D. evenly distributed throughout the evening.
In communism, central planners decide which of the following?
a. what goods and services will be produced
b. how much will be produced
c. who will produce and consume the goods and services
d. All of the above are correct.
Which of the following statements is true?
A. A tariff is a physical limit on the quantity of a good allowed to enter a country. B. An embargo is a tax on an imported good. C. A quota is a law that bars trade with another country. D. When a nation exports more than it imports it is running a balance of trade surplus.
If the government set a price floor at $18
A. there would be a temporary surplus, then prices would fall to equilibrium.
B. the price floor would not have any effect on this market.
C. then quantity demanded would be greater than quantity supplied.
D. there would be a permanent surplus, at least until the price floor was lifted.