In San Francisco there are many retail clothing stores. Each store is slightly different from every other store. Retail clothing stores are an example of what market structure?
A. perfect competition
B. oligopoly
C. monopoly
D. monopolistic competition
Answer: D
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Use the figure below to answer the following question.
At equilibrium, consumer surplus would be represented by the area
A. a + b + c. B. b. C. a. D. a + b.
In the figure above, the factor responsible for the decline in the interest rate is
A) a decline the price level. B) a decline in income. C) an increase in the money supply. D) a decline in the expected inflation rate.
In perfect competition, environmental externalities need not distort the allocation of resources providing
a. transactions costs are zero. b. average costs are constant for all output levels. c. firms install pollution control equipment. d. the government sets realistic pollution standards.
Circle of Crust Pie Five Pizzas has a frequent purchaser program, called Circle of Crust, in which patrons earn points with every purchase. With enough points, the patron's next purchase is free. How does this program alter customer decisions?