A(n) ________ industry has a single, unique product and blocked entry.
A. monopolistic
B. monopolistically competitive
C. perfectly competitive
D. oligopolistic
Answer: A
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Price ceilings set a legal maximum price on a product or commodity.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A) Randomization allows for classification of participants according to their choice. B) The subjects in the treatment group and the control group of an experiment are treated identically, except along a single dimension. C) Randomization is not used in medical experiments. D) The subjects in the treatment group and the control group of an experiment are identical in all respects and they are treated identically.
Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Scott's opportunity cost of producing 1 taco is
A) 1/2 of a pizza. B) 1 pizza. C) 2 pizzas. D) 20 pizzas. E) 2 tacos.
If the price of gasoline rose 50% during a period in which the general price level rose 100%, economic theory would predict
A) a decline in the quantity of gasoline demanded. B) an increase in the quantity of gasoline demanded. C) a decrease in the demand for gasoline. D) an increase in the supply of gasoline. E) less driving by motorists.