In Eugene, Oregon, there are several Italian restaurants, each offering slightly different items prepared in slightly different ways. It is likely that an Italian restaurant in Eugene, Oregon, operates in a(n):
A. perfectly competitive market.
B. monopolistically competitive market.
C. monopoly market.
D. oligopoly market.
Answer: B
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An external benefit is a benefit that ________
A) is enjoyed by someone other than the buyer of a good B) always equals external cost C) experiences increasing marginal returns D) is greatest at the equilibrium point
Which of the following people would be officially counted as unemployed?
a. A person who works only 5 hours per week for pay. b. A full-time college student who chooses not to have a paying job. c. A family member who works 20 hours per week without pay. d. A jobless high-school graduate who is actively looking for work.
The demise of the gold standard led to
A. more international trade. B. greater and greater devaluation. C. freely floating exchange rates.
How does the policy trilemma help to explain the failure of Argentina's currency board?
What will be an ideal response?