Markets in which the behavior of the firms theoretically leads to an efficient allocation of resources that maximizes the benefits to consumers given the resources available to consumers are
a. monopolistic competition and oligopoly.
b. monopoly and oligopoly.
c. monopolistic competition and monopoly.
d. perfect competition and perfectly contestable.
d
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Total profit is maximized when marginal profit maximized.
Answer the following statement true (T) or false (F)
If the United States unilaterally removed all of its trade restrictions and moved toward a policy of free trade, international trade theory indicates that
a. U.S. residents would gain, but people in other countries would be worse off. b. people in other countries would gain, but U.S. residents would be worse off. c. both U.S. residents and people in other countries would be able to achieve higher income levels. d. the average income level would be lower in both the United States and other countries.
A single proprietorship is a form of business organization which:
a) has limited liability. b) has unlimited access to money capital. c) has a single owner but has directors who are responsible for the firm?s debts. d) has one owner-manager who is personally responsible for the firm?s actions and debts. e) allows easy transferability of ownership by the trading of shares.
Theoretically, the net balance of payments is
A. A country's capital inflow minus its capital outflow. B. Foreign demand for a country's currency minus foreign supply. C. The current account plus the capital account. D. Exports minus imports.