Many agricultural products, such as wheat, are produced by thousands of different producers that grow essentially the same product. The market structure that best describes such a model is:
a. perfect competition.
b. monopoly.
c. monopolistic competition.
d. oligopoly.
e. monopsony.
a
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Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week and is funded through listener donations
If Michigan Radio suffers from the free-rider problem then the market would provide an ________ quantity of the public good. A) efficiently small B) efficiently large C) inefficiently small D) inefficiently large
Suppose nominal interest rates in the U.S. rise from 4.6% to 5% and decline in Britain from 6% to 5.5%, while U.S. consumer inflation remains unchanged at 1.9% and British inflation declines from 4% to 3%. In addition suppose, real growth in the U.S. is
forecasted for next year at 4% and in Britain real growth is forecasted at 5%. Finally, suppose producer price inflation in the U.S. is declining from 2% to 1% while in Britain producer price inflation is rising from 2% to 3.2%. Explain what effect each of these factors would have on the long-term trend exchange rate ( per $) and why?
If average variable cost exceeds marginal cost, then: a. average variable cost is increasing and the average total cost is decreasing
b. the average variable cost is decreasing and the average total cost is increasing. c. both the average variable and average total cost are decreasing. d. the average variable cost is decreasing and the average total cost may be increasing or decreasing.
Which of the following is a microeconomics topic?
a. the price of a new home b. the inflation rate c. the economy's growth rate d. the unemployment rate e. forecasts of recession