The U.S. oil industry has only a few firms in it, so an economists is likely to describe the industry as
A) a monopoly.
B) an oligopoly.
C) perfectly competitive.
D) monopolistically competitive.
E) Both answers C and D can be correct.
B
You might also like to view...
Labor productivity is calculated as
A) (real GDP ÷ aggregate hours). B) (real GDP ÷ aggregate hours × number of workers). C) (real GDP ÷ number of workers × ratio of capital per worker). D) (real GDP ÷ technology level). E) (real GDP ÷ aggregate hours × number of workers) × 100.
Refer to the table above. What is the total revenue when the monopolist charges a price of $3?
A) $1,050 B) $1,350 C) $1,750 D) $2,750
If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be
A) less then 0.8 in absolute value. B) equal to zero because the DVD of this movie has been out for several years. C) equal to 1 in absolute value. D) greater than 0.8 in absolute value.
If a firm produces an experience good, its mode of advertising will be
A) persuasive advertising. B) direct advertising. C) not to advertise. D) none of the above.