Which of the following market structures is characterized by interdependent pricing and output decisions?
A. Perfect competition
B. Monopolistic competition
C. Monopoly
D. Oligopoly
Answer: D
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The size of the underground economy would tend to decrease if the government of a country
A) increased income tax rates. B) increased business taxes. C) decreased government regulations on businesses. D) made over-the-counter drugs illegal.
The marginal revenue curve of a monopolist is
a. a straight horizontal line. b. above the AR line. c. identical to the AR line. d. below the AR line.
Some researchers argue that the overall standard of living increased during the 1920s. In general, holding constant all other factors that might impact it, economists are careful about connecting an increase in the standard of living to
(a) increases in the amount of labor used in production processes. (b) new inventions being made in research laboratories. (c) increases in the output of goods and services per worker. (d) the discovery of new sources of gold and silver.
Which of the following statements presents accurate information about the Standard Oil merger?
a. The Standard Oil merger is an example of a vertical merger. b. Standard Oil was initially organized as a holding company. c. The petroleum refining industry was never particularly competitive, and was dominated by a few large firms even prior to the Standard Oil merger. d. Following the merger, Standard Oil controlled 90 percent of U.S. refining capacity. e. All of the above.