Which of the following market structures is considered a differentiated products market?
a. Perfect competition
b. Monopolistic competition
c. Monopoly
d. Both a and b are differentiated products markets.
b
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The only firms that do not have market power are
A) firms in perfectly competitive markets. B) firms in industries with low barriers to entry. C) firms that do not advertise their products. D) firms that sell identical products.
Since the government has been paying out farm subsidies
A. the number of family farms has increased by about 40 percent. B. the number of family farms has increased by 10%. C. the number of family farms has decreased by 10%. D. the number of family farms has decreased by 70 percent.
A command-and-control policy is one in which:
A. the government commands each firm to produce no more than a certain level of pollution. B. the government controls the firm's advertising policy. C. the government forces the firm to use particular pollution-control technologies. D. Both the government commands each firm to produce no more than a certain level of pollution and the government forces the firm to use particular pollution-control technologies are correct answers.
Figure 4.4 illustrates the supply of tacos. An increase in the price of ground beef, which is used to make tacos, would most likely cause a movement from
A) point a to point b. B) point c to point b. C) S2 to S1. D) S0 to S1.