In which market structures is there product differentiation?
A) perfect competition and monopolistic competition
B) monopolistic competition and oligopoly
C) oligopoly and monopoly
D) perfect competition and monopoly
Answer: B
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If a producer wants a monopoly with a legal barrier to entry, how can this be done?
i. The producer can spend funds lobbying to attain passage of the legal barrier to entry. ii. The producer can purchase an existing monopoly. iii. The producer can make rent seeking expenditures. A) i and ii B) i and iii C) ii and iii D) i, ii, and iii E) None of the above are ways to acquire a monopoly with a legal barrier to entry.
In the United States, the growth rate of expenditures has been most volatile for
A) durable goods. B) nondurable goods. C) services. D) The volatility has been roughly equal for all three categories of consumption expenditures.
At the market output and price for a good whose production causes pollution,
a. pollution is eliminated b. the marginal social cost of production exceeds the marginal social benefit of production c. the private cost of production equals the private benefit of production d. the marginal social benefit of production equals the marginal social cost of production e. too little of the good is produced
According to Malthusian population theory,
A. the world's food supply increases geometrically. B. the world's population tends to grow geometrically. C. a psychological standard of living regulates population growth. D. population growth is an unimportant determinant of standards of living.