________ is a market structure in which a large number of firms compete vigorously with each other in producing and selling different varieties of a basic product.
A. Monopolistic competition
B. Perfect competition
C. Monopoly
D. Oligopoly
Answer: A
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In the long run, all firms in a perfectly competitive industry
A) earn economic profits. B) break even. C) suffer economic losses. D) sell differentiated products to earn economic profits.
Refer to the above table. The production of this good goes through 4 different stages of production. What is the total dollar value added when production is completed?
A. $0.07 B. $0.32 C. $0.25 D. Cannot be computed without more information.
Suppose the full-employment equilibrium real wage rate is $11 per hour while the actual real wage rate is $12 per hour. If the actual real wage rate does not change, then
A) job rationing will decrease. B) the production function will shift downward. C) job search will decline. D) job rationing will occur. E) a positive Okun Gap will occur.
If a country's currency appreciates, then its exports will cost ________ abroad and its imports will cost ________ domestically
A) less; less B) less; more C) more; less D) more; more