In which market structure is there a large number of firms producing slightly differentiated products?
A) monopoly
B) oligopoly
C) only perfect competition
D) only monopolistic competition
E) either perfect competition or monopolistic competition
D
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The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) $1.50 B) $2.50 C) 1 2/3 gallons of milk D) 3/5 of a gallon of milk
The monopolistic competition market structure is characterized by:
a. few firms and similar products. b. many firms and differentiated products. c. many firms and a homogeneous product. d. few firms and a homogeneous product.
The concept of______________ is central to the estimation of market value, primarily because it serves as the foundation for identifying comparable properties
Fill in the blank(s) with the appropriate word(s).
Which of the following is exempt from antitrust laws?
A) professional football B) petroleum companies C) airlines D) hospitals