The firm's demand curve and the industry's demand curve are identical in the _________ market structure(s)
a. monopoly
b. oligopoly
c. monopolistic competition
d. perfect competition
e. perfect competition and monopolistic
A
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Which of the following are NOT examples of "convergence"?
A) Japan and Europe B) individual states within the United States C) regions within western Europe D) major nations in Latin America and Western Europe
If the United Auto Workers successfully negotiates a wage that is higher than the competitive wage,
a. there is no excess supply of labor because everyone who wants to work at the union wage can get a job b. there is no excess demand for labor because everyone who wants to work at the union wage can get a job c. the union must ration the available jobs d. all workers are better off e. more workers are employed than at the competitive wage
If government spending increases, which of the following is most likely to occur?
a. GDP, money demand, the interest rate, and investment spending will all increase. b. GDP, money demand, the interest rate, and investment spending will all decrease. c. GDP, money demand and the interest rate will increase, while investment spending will decrease. d. GDP, money demand and the interest rate will decrease, while investment spending will increase. e. GDP and money demand will increase, but the interest rate will not change.
The gambler's fallacy suggests that what happened in the past will influence the present. This is most likely true in which of the following situations?
A) flipping cards from a single deck B) tossing a fair coin C) the quality of play of a baseball team D) horse racing