A market structure in which identical goods are produced by several different firms and sold at the market determined price is referred to as:
A) an oligopoly.
B) a monopoly.
C) perfect competition.
D) monopolistic competition.
C
You might also like to view...
Workers with more human capital on average earn substantially higher pay than workers with less human capital in
a. most countries but not in the United States. b. the United States but not in most other countries. c. the United States and in most other countries. d. None of the above is correct; the evidence fails to indicate that human capital is a significant factor in determining earnings anywhere in the world.
"When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount.". This statement
a. is an assertion that production functions have the property of constant returns to scale. b. is consistent with the view that capital is subject to diminishing returns. c. is inconsistent with the view that it is easier for a country to grow fast if it starts out relatively poor. d. All of the above are correct.
Assuming QF is the full employment equilibrium then in Figure 11.2, if the level of spending is equal to AD1, the AD shortfall would be
A. Equal to YZ. B. Greater than XZ. C. Equal to XY. D. Equal to XZ.
The unemployment that occurs as jobs are eliminated because of changing technology is known as
A. frictional. B. voluntary. C. structural. D. fundamental. E. cyclical.