A monopolistically competitive market is one in which:
A. only one firm sells a product.
B. all firms sell an identical product.
C. many firms sell similar yet slightly different products.
D. firms have no control over the price they charge for their product.
Answer: C
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Which of the following statements about the Sherman Act is CORRECT?
A) The Sherman Act was the second federal antitrust law. B) The Sherman act legalized monopolization if the company behaved "reasonably" once it became a monopoly. C) The Sherman Act outlawed natural monopolies. D) The Sherman Act made restriction of interstate trade illegal.
The increase in the federal deficit due to the 2009 stimulus package may have had a smaller impact on the economy due to forward-looking households and firms
A) reducing consumption and investment expenditures in anticipation of future tax increases. B) purchasing more treasury securities to finance the stimulus package and purchasing fewer goods and services. C) taking advantage of the strong U.S. dollar to purchase more imported goods. D) waiting for the real interest rate to fall before borrowing to make long-term investments.
If the country of Zorg has a birth rate of greater than 2.2 births per woman, it is likely that Zorg is an industrial market country
a. True b. False
A common characteristic of oligopolies is:
a. interdependence in pricing decisions. b. independent pricing decisions. c. low industry concentration. d. few or no plant-level economies of scale.