There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are
a. monopolistic competition and oligopoly.
b. duopoly and triopoly.
c. perfect competition and monopolistic competition.
d. duopoly and imperfect competition.
a
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The chief economic cost associated with unemployment is
a. the benefits paid to the unemployed by the government b. the foregone output that would have been produced if those individuals were employed c. the taxes that are passed along to individuals to pay for unemployment insurance d. higher crime rates e. the psychological costs associated with unemployment
If we focus only on consistency, it is necessarily better to use IV than OLS if the correlation between z and u is smaller than that between x and u.
Answer the following statement true (T) or false (F)
If a profit-maximizing monopolist is currently charging a price on the inelastic portion of its demand curve, it should ______.
a. raise price and decrease output b. lower price and increase output c. reduce both output and price d. hold output constant and raise price e. do none of these
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.