If a market has more than one seller, but fewer sellers than under perfect competition, it is referred to as
a. a monopoly
b. competitive
c. imperfect competition
d. an efficient market
e. optimal
C
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Governmental policy decisions have
(a) only social benefits. (b) no private costs. (c) intended and unintended effects. (d) no social costs.
Allied Business Consultants employs five researchers that each work 8 hour days. In one day the researchers prepared 10 reports for its 2 largest clients. What was Allied Business Consultants' productivity?
a. 10 reports b. 5 reports per client c. 1.25 reports per hour d. 1/4 report per hour
The Buy America Act of 1933 mandates that
A. household consumers buying more of local products will be given suitable tax incentives. B. the sales taxes on goods manufactured by the local labor force must be lower than the sales taxes on goods manufactured by immigrant workers. C. purchases funded by the U.S. government must favor domestic products. D. durable goods produced locally must be priced lower than comparable imported goods.
The first Industrial Revolution
A. brought mass consumption for all of Western Europe and the United States. B. started around 1900. C. spread more or less evenly all around the world. D. was confined to Europe, the United States, Canada, Australia, New Zealand, and Japan until the mid-20th century.