________ firms use a product differentiation strategy to achieve market power.
A. Perfectly competitive
B. Monopolistically competitive
C. Oligopolistic
D. Monopolistic
Answer: B
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Which of the following provides an example of command-and-control regulation? a. Taxing producers based on the external costs created by their pollution, thus internalizing external costs
b. Requiring firms to reduce their pollution by 50 percent, thus allowing them to emit 50 percent of their historical emissions, and allowing them to freely buy and sell allowances. c. Requiring firms to use a particular type of pollution-control technology, such as smokestack scrubbers or catalytic converters. d. Subsidizing firms that exceed their pollution-control targets.
A local restaurant offers an "all you can eat" Sunday brunch for $12 . Susan eats four servings, but leaves half of a fifth helping uneaten. Why?
a. Her marginal value of a serving of brunch has fallen below $12. b. Her marginal value of a serving has fallen below $2.36 ($12 divided by 5 servings). c. Her marginal value of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.
The productivity slowdown of the 1970's occurred:
A. only in the U.S, the United Kingdom, and Japan. B. only in the U.S. and the United Kingdom. C. only in the U.S. D. around the world.
Hyperinflation may cause the collapse of the market system.
Answer the following statement true (T) or false (F)