An industry that has many sellers offering slightly differentiated products is called:
A. perfectly competitive.
B. monopolistic.
C. oligopolistic.
D. monopolistically competitive.
Answer: D
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Demand for a luxury item, such as a yacht, is likely to be
A) income elastic and price inelastic. B) income inelastic and price elastic. C) both income elastic and price elastic. D) both income inelastic and price inelastic.
A country has a trade deficit when
A) imports exceed exports. B) imports equal exports. C) exports exceed imports. D) exports are zero.
Which of the following is a barrier to economic growth in many developing nations?
A) the shortage of labor B) the lack of natural resources C) the lack of economic freedom D) the low level of restrictions in the labor market
Which of the following institutions is responsible for ensuring that enough currency and coins are circulating through the financial system to meet public demands?
a. U.S. Department of the Treasury b. Comptroller of the Currency c. Federal Reserve d. Federal Deposit Insurance Corporation