The general term for market structures that fall somewhere between monopoly and perfect competition is
a. incomplete markets.
b. imperfectly competitive markets.
c. oligopoly markets.
d. monopolistically competitive markets.
b
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Absent any violations of the first welfare theorem, the competitive equilibrium is efficient.
Answer the following statement true (T) or false (F)
Which of the following is likely to shift the production possibilities curve outward? a. A change in preferences away from one of the goods and toward the other
b. An invention that reduces the amount of natural resources necessary for producing a good. c. The discovery of new natural resources. d. Both b. and c. are likely to shift the production possibilities curve outward.
Any imperfection in the market mechanism that prevents optimal outcomes is known as
A. Government failure. B. Market failure. C. External cost. D. Public cost.
Refer to the below graph. How much is the efficiency (or deadweight) loss due to the excise tax?
The graphs below illustrate the market for a product on which an excise tax has been imposed by government.
A. $6
B. $9
C. $18
D. $21