Which of the following firms is likely to have the highest market power?
A) A perfectly competitive firm
B) A monopolistic competitor
C) A monopoly
D) An oligopoly with homogeneous products
C
You might also like to view...
A firm experiences increasing returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the firm's short-run costs?
What will be an ideal response?
An association of businesses that are jointly owned and operated by members for mutual benefit is a:
A) condominium. B) corporation. C) cooperative. D) joint tenancy.
An increase in the price of a resource would cause
a. producers to substitute other inputs for the resource. b. consumers to increase consumption of the goods that increase in price as the result of the higher resource price. c. an increase in the demand for products that use the resource intensely. d. a reduction in the price of goods produced with the resource.
In the early 1930s in the United States, there was a
a. large increase in output. In the early 1940s there was also a large increase in output. b. large increase in output. In the early 1940s there was a large decrease in output. c. large decrease in output. In the early 1940s there was a large increase in output. d. large decrease in output. In the early 1940s there was also a large decrease in output.