Allocative and productive efficiency are achieved under the market structure of:
A. pure competition.
B. pure monopoly.
C. oligopoly.
D. monopolistic competition.
Answer: A
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The credit demand curve is:
A) vertical. B) downward sloping. C) horizontal. D) upward sloping.
In the long run, a perfectly competitive firm is expected to generate either an economic profit or an economic loss
a. True b. False Indicate whether the statement is true or false
A society allocates its scarce resources to various uses. These scarce resources include
a. land. b. people. c. machines. d. All of the above are correct.
A differentiated product is one that:
a. is slightly different from the competitor's product, although it is a close substitute. b. is very different. c. is traded within firms and is not for sale in retail markets. d. has a shelf life of less than a year.