In which market structure does a firm have the LEAST influence over the market price?
A) monopoly
B) monopolistic competition
C) oligopoly
D) perfect competition
Answer: D
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Proponents of the interest-rate-based monetary policy transmission mechanism argue that when the Federal Reserve buys bonds, there will be
A) an increase in investment spending. B) a decrease in the money supply. C) a decrease in nominal Gross Domestic Product (GDP), but not in real income. D) a decrease in the price of outstanding bonds.
A decrease in the price level in an economy will _____
a. shift the aggregate demand curve to the right b. shift the aggregate demand curve to the left c. increase the level of aggregate quantity demanded d. decrease the level of aggregate quantity demanded e. shift the aggregate expenditure line downward
Which of the following statements about positive analysis is? correct?
A. Positive analysis is concerned with what ought to be.
B. Positive analysis can be used to determine whether policies are good or bad.
C. Positive analysis is concerned with what is.
D. Positive analysis involves value judgments.
If Argentina has a large amount of farmland and Great Britain has many factories,
A. the two nations have no reason to trade. B. Argentina will be willing to trade but Great Britain will not. C. Great Britain will be willing to trade but Argentina will not. D. the two nations will probably engage in mutually advantageous trade.