For which of the following market structures is it assumed that there are barriers to entry?
A) Perfect competition
B) Monopolistic competition
C) Monopoly
D) all of the above
E) B and C only
C
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In many cities in the United States, a single firm provides electricity. Those firms are:
A. oligopolists. B. monopolists. C. monopolistic competitors. D. perfect competitors.
Since the mid-1970s, compared to the United States, European unemployment rates are/is
A. higher. B. much lower. C. about the same as in the United States. D. not compared to the United States, because there are no unemployed in Europe
Which of following is a key assumption of a perfectly competitive market?
A) Firms can influence market price. B) Commodities have few sellers. C) It is difficult for new sellers to enter the market. D) Each seller has a very small share of the market. E) none of the above
The concept of mean reversion is defined by
a. the tendency of profits to revert to zero b. the tendency of costs to revert to zero c. the tendency of economic profits to revert to zero d. the tendency of profits to revert to negative