A market that mainly stresses product differentiation is called
A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.
B
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Oil and oil products remain the main fuel for cars, planes, ships, and power plants. The amount of oil still in the earth is finite. Given this information, the supply of gasoline is ________.
A. relatively elastic B. greater than the quantity demanded C. relatively inelastic D. unit elastic
If a monopoly firm sells more than one unit, marginal revenue will then be:
A. equal to the price. B. less than the price. C. greater than the price. D. equal to market demand.
If net interest and net transfers are $0, and a nation's purchases of foreign goods and services are $3.5 billion while its sales of goods and services to foreigners are $4.5 billion
A) it has a $1 billion surplus in its balance of payments. B) it has a $1 billion deficit in its current account. C) it has a $1 billion surplus in its current account. D) its capital and financial account shows a surplus.
Which diagram best represents the problem faced by farms in the short run?
A. A.
B. B.
C. C.
D. D.