A market with a single seller is called
A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.
C
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A ________ is a complete plan describing how a player will act
A) strategy B) payoff C) hypothesis D) policy
In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
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.
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.