Firms in which market structure hold the most market power?
(A) Monopolistic competition
(B) Oligopoly
(C) Monopoly
(D) Perfect competition
Ans: (C) Monopoly
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Some people have argued that the government should provide medical care to everyone. Under this system:
A. prices will not ration medical care so there will be no scarcity. B. the price of medical care will ration resources efficiently. C. prices will not ration medical care so some other rationing method will be used. D. the price of medical care will allocate resources efficiently.
The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is
A) $180. B) $190. C) $20. D) None of the above answers is correct.
There are fewest problems in distinguishing between which two market structures?
a. oligopoly and monopolistic competition b. monopolistic competition and perfect competition c. monopoly and perfect competition d. oligopoly and monopoly e. oligopoly and perfect competition
Limits on the quantity of a foreign good that can be imported into the domestic market are
A. import capacity limits. B. import quotas. C. tariffs. D. export quotas.