The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly.
B) an oligopoly because a few other firms provide delivery of letters and packages.
C) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging.
D) monopolistic competition, because mail delivery is a differentiated product provided by many firms.
A
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Larry and Mike are equally skilled construction workers employed by the Brown and Root Company. Larry's job is riskier because he typically works on a scaffold 1,000 feet above ground. Larry's higher wage rate is the result of
A) economic discrimination. B) a negative feedback loop. C) a compensating differential. D) a higher marginal revenue product.
Which of the following is true?
A) A budget surplus will increase the national debt. B) A budget deficit will increase the national debt. C) A budget deficit will reduce the national debt. D) A balanced budget will increase the national debt.
A network effect arises whenever
A. a producer's willingness to produce a good or service is influenced by how many other firms also produce or have produced the item. B. firms in an oligopolistic industry engage in a zero-sum game. C. a consumer's willingness to purchase a good or service is influenced by how many others also buy or have bought the item. D. firms in an oligopolistic industry engage in limit pricing.
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. Diminishing marginal utility sets in after the ________ dozen oysters per day.
A. first B. second C. third D. fourth