A market with many firms that sell goods and services that are close substitutes for one another is called:
A. monopoly.
B. perfect competition.
C. oligopoly.
D. monopolistic competition.
Answer: D
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In the above figure, if the market produces the efficient amount of purses then producer surplus equals
A) triangle bcd. B) triangle adc. C) rectangle bcde. D) trapezoid adec.
When people exchange money for financial assets, the _____ rises
a. real GDP b. price level c. unemployment rate d. nominal GDP e. interest rate
If inflation had long been 4% and was therefore expected to continue, then it unexpectedly increased to 7% inflation: a. the real interest rate on loans issued just before the change occurred would decrease by three percentage points. b. the real interest rate on loans issued just before the change occurred would increase by three percentage points. c. the real interest rate on loans issued
just before the change occurred would not change. d. none of the above.
Which of the following would most likely cause both a decrease in the price of plasma screen TVs and a decrease in the number sold?
a. an increase in the supply of plasma screen TVs b. an increase in the demand for plasma screen TVs c. a decrease in the supply of plasma screen TVs d. a decrease in the demand for plasma screen TVs