Business firms supply goods and services to ________ and purchase factors of production in ________.
A. factor markets; product markets
B. factor markets; national markets
C. product markets; factor markets
D. national markets; factor markets
Answer: C
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Which of the following statements regarding the efficiency of monopolistic competition is FALSE?
A) Compared to a situation with total product uniformity, monopolistic competition might be efficient. B) Resources are used efficiently when marginal social benefits equals marginal social cost. C) Monopolistic competition is definitely inefficient because price exceeds marginal cost. D) A greater degree of product variety creates a loss because the quantity produced is less than the efficient quantity.
Under an emission tax, polluters ________ what price they have to pay to pollute, __________________________ how much pollution will be generated.
A. know; and government knows B. don't know; and government doesn't know C. know; but government doesn't know D. don't know; but government knows
If new manufacturers enter the computer industry, then (ceteris paribus): a. some established manufacturers must exit the industry. b. the equilibrium price of computers must rise
c. the supply curve shifts to the right. d. the supply curve shifts to the left.
Why is there an emphasis on nonprice competition in oligopoly markets rather than on lowering prices to gain market share?
What will be an ideal response?