Which market structure is characterized by a few interdependent firms?
A. Monopolist competition.
B. Monopoly.
C. Oligopoly.
D. Perfect competition.
Answer: C
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Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be
a. +1. b. ?1. c. 0. d. infinite.
Which of the following would tend to increase the natural unemployment rate?
a. The creation of national unemployment offices to increase the information about job openings b. Recessionary downturns in the economy that result in massive layoffs of auto workers c. Sociological changes that encourage people to seek employment d. The creation of government subsidies for workers who relocate into areas where new jobs can be found e. Less government money made available as unemployment compensation
A country's exports increase as its level of domestic production increases
a. True b. False Indicate whether the statement is true or false
The federal income tax code of the United States is
A) progressive. B) proportional. C) regressive. D) progressive for individuals but proportional for married couples.