________________ and ______________ are often found together in a market.
A. Monopolistic competition; oligopoly
B. Perfect competition; oligopoly
C. Monopoly; oligopoly
D. Monopolistic competition; monopoly
A. Monopolistic competition; oligopoly
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An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions:
a) Gary completes 8 years of education, and John completes 9 years of education. If Gary earns $20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings [as calculated in a)], how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.
Suppose that an economy is initially producing at the full-employment level of output. Now suppose there is a reduction in the money supply. Other things being equal we can expect
A) demand-side inflation. B) supply-side inflation. C) deflation. D) cost-pull inflation.
Refer to Scenario 13.1. If Sammy gets to set the agenda, he will pit ________ in the first round to assure that ________ wins the first round vote
A) calamari and jalapeno poppers; calamari B) calamari and potato skins; calamari C) potato skins and jalapeno poppers; potato skins D) jalapeno poppers and potato skins; jalapeno poppers
Moving downward along a linear (straight-line) downward sloping demand curve, the
A) slope is constant. B) price is constant. C) quantity is constant. D) elasticity is constant. E) None of the above answers is correct.