Answer the following statement true (T) or false (F)
1) Oligopoly firms may produce either standardized or differentiated products.
2) The term imperfect competition refers to every market structure besides pure competition.
3) Firms in a monopolistically competitive industry have no reason to engage in nonprice
competition because their products are uniquely different from other sellers in the market.
4) Although individual purely competitive firms can influence the price of their product, these
firms as a group cannot influence market price.
1) T
2) T
3) F
4) F
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Housing is the largest component of the U.S. CPI market basket
Indicate whether the statement is true or false
What are direct expenditure offsets and how do they influence the effects of fiscal policy?
What will be an ideal response?
The stock of assets owned by a person, household, firm or nation is
A) real disposable income. B) wealth. C) capital investment. D) capital goods.
Cross-price elasticity measures the responsiveness of the price of good A to a change in the price of good B
a. True b. False