In which market model would there be a unique product for which there are no close substitutes?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
C. Pure monopoly
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The area above the market supply curve and below the market price
A) is equal to the total cost of production. B) is equal to the total amount of producer surplus in a market. C) is equal to the total amount of economic surplus in a market. D) is equal to the marginal cost of the last unit produced.
M3 is an example of a Federal Reserve
A) directive. B) tool. C) intermediate target. D) operating target.
The United Steel Workers Union is an example of
A) a craft union. B) an auto union. C) an industrial union. D) a blue collar union.
We take one dollar from a millionaire and give it to a pauper. Assuming a diminishing marginal utility of money?
a. total utility in the economy must rise. b. total utility in the economy must fall. c. total utility in the economy must remain the same. d. we cannot say whether or not total utility changes.