Examples used in the text to illustrate "competition among the few" include all of the following industries except
a. cereal
b. airline
c. fish
d. automobile
e. baby food
C
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A monopolistic competitor earns zero economic profits if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is equal to average total cost
The table below shows the export and import values of automobiles, pharmaceuticals, and clothing in Country A and Country B. Country AExports ($Billions)Imports ($Billions)Automobiles2040Pharmaceuticals3030Clothing400Country BExports ($Billions)Imports ($Billions)Automobiles020Pharmaceuticals4040Clothing4535 The IIT share is zero for ________ in Country A and for ________ in Country B.
A. clothing; pharmaceuticals B. automobiles; pharmaceuticals C. clothing; automobiles D. pharmaceuticals; pharmaceuticals
Suppose that the percentage change in demand is -20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. -4% B. 4% C. 100% D. -100%
Each of the following is an inferior good except
A. rice. B. potatoes. C. beans. D. Filet Mignon steak.