The four largest firms account for approximately 95% of U.S. cigarette sales. The U.S. cigarette industry would be best classified as a(n)
A. oligopoly.
B. monopolistically competitive industry.
C. monopoly.
D. perfectly competitive industry.
Answer: A
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Price floors and price ceilings
A) always reduce total surplus. B) reduce consumer surplus and increase producer surplus. C) reduce producer surplus and increase consumer surplus. D) Not enough information to determine.
When we believe the best result will come from the decision we have made, we are being:
A. gullible. B. short-sighted. C. rational. D. considerate.
Suppose you like shoes and your income doubles. If shoes are a normal good, then an increase in your income will cause
a. the market demand for shoes to shift to the left b. the market demand for shoes to shift to the right c. your quantity demanded of shoes to decrease d. the market's quantity demanded of shoes to decrease e. market demand for shoes to shift to the left and your own quantity demanded of shoes to shift to the right
The increase in the quantity of labor supplied in response to a higher wage is called the:
A. income effect. B. substitution effect. C. price effect. D. labor effect.