In which market structure is there clear interdependence between individual firms with regard to prices and sales?
a. pure competition
b. monopolistic competition.
c. oligopoly.
d. monopoly.
c
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The reason only newly produced goods and services are counted in GDP is that ________
A) it is very difficult to impute a value to used goods B) most expenditures on used goods and services take place outside the market C) it does not help economists make better economic predictions because second-hand goods rarely have any residual value D) it allows economists to avoid double counting the production of goods and services E) none of the above
What are the constraints on deposit creation for the banking system?
What will be an ideal response?
The president of the United States promises that the nation's economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions could such a promise be valid?
A. if the United States were producing inside its production possibilities curve B. if the United States were producing at a point on its production possibilities curve C. if the United States were producing to the right of its production possibilities curve D. None of these; the production possibilities curve must shift to the right.
Other things being equal, the longer a price change persists
A. the less is the elasticity of demand. B. the less chance a consumer will be able to adjust. C. the greater is the elasticity of demand. D. the more the consumer will be willing to pay.