The two types of market structures that are imperfectly competitive are:
A. perfect competition and monopolistic competition.
B. oligopoly and monopoly.
C. monopoly and perfect competition.
D. monopolistic competition and oligopoly.
Answer: D
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When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing
i. seasonal unemployment. ii. structural unemployment. iii. cyclical unemployment. A) i and iii B) ii and iii C) ii only D) i and ii E) i only
The equation of exchange shows that
A) P = (M × V) ÷ Y. B) P = (V × M) × Y. C) P = (M ÷ V) × Y. D) P = (M × Y) ÷ V. E) P - Y = M + V.
In a monopolistically competitive market with Dixit-Stiglitz preferences, equilibrium price falls as the goods in the differentiated product market become more substitutable.
Answer the following statement true (T) or false (F)
In the case of an external benefit generated by an activity, such as education, a private subsidy for that activity can achieve an efficient outcome
Indicate whether the statement is true or false