A firm that is the only seller of a good with no close substitutes is a(n)
A) perfect competitor.
B) monopolistic competitor.
C) oligopolist.
D) monopolist.
D
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Suppose the United States enters a recession, what type of unemployment would be most likely to rise as a result of the recession?
Select one: a. Frictional unemployment b. Sectoral unemployment c. Cyclical unemployment d. Seasonal Unemployment
When a firm is on the portion of its long run ATC curve that slopes upward, it is experiencing:
A. diseconomies of scale. B. economies of scale. C. constant returns to scale. D. Any of these is possible.
Which of the following is NOT a characteristic of a market in equilibrium?
A. There is neither excess supply nor excess demand. B. Sellers can sell as many units as they want at the equilibrium price. C. Neither buyers nor sellers want the price to change. D. Buyers can buy as many units as they want at the equilibrium price.
Conspicuous consumption refers to the consumption of goods and services:
A. not to show off to others but for one's direct pleasure. B. that generally provide more satisfaction to the consumer than any other kind of consumption. C. that do not provide any kind of satisfaction to the consumer. D. not for one's direct pleasure but simply to show off to others.