A market with a single seller is called

A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.


C

Economics

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In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue

a. True b. False

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In all cases, positive economics deals with

A) what is. B) what should be. C) relatively small units in the economy. D) aggregates or the entire economy.

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Under current federal antipoverty programs,

A. economic equality is promoted at the least possible cost in economic efficiency. B. a family’s benefits do not depend on its earnings from work. C. a family’s total income (cash and in-kind benefits) may actually fall if its earnings from work rise. D. families with children are entitled to no more assistance than families without children.

Economics