The automobile, steel, and oil markets are all examples of:
A. perfectly competitive markets.
B. monopolies.
C. monopolistically competitive markets.
D. oligopolies.
Answer: D
You might also like to view...
Transaction costs are the costs incurred by individuals dealing with one another. ?
Answer the following statement true (T) or false (F)
When the price of a good changes, the substitution effect occurs because:
a. the consumers' real income measured in terms of that good changes. b. the relative price of that good changes compared to other goods in the consumption bundle. c. the total utility of that good decreases. d. the marginal utility of that good decreases. e. consumers have an incentive to substitute irrational behavior for rational behavior.
An economy that has many unemployed workers and idle factories is not operating efficiently
a. True b. False Indicate whether the statement is true or false
If two countries produce both wheat and sugar and one country has the comparative advantage in producing wheat than the other country must have the absolute advantage producing sugar
a. True b. False Indicate whether the statement is true or false