A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known as
A. perfect competition.
B. monopolistic competition.
C. oligopoly.
D. monopoly.
Answer: C
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Let C = 120 + 0.8y. Assume no government or foreign sectors. At the equilibrium level of income, y* = 200, the level of saving is
A) -80. B) -30. C) 96. D) 160.
The budget line will shift parallel to the left if:
A. income increases. B. income decreases. C. the price of the good on the vertical axis increases. D. the price of the good on the vertical axis decreases.
Which of the following is an example of bypassing the market through regulation to achieve environmental protection?
A. Privatization. B. Pollution fines. C. Green taxes. D. Command-and-control standards.
Most grievances that do not involve a contractual matter can be resolved by ______.
a. the chief of police b. the city attorney c. the police captain d. the first line supervisor