A market tends to be monopolistic if
a. The good has too many substitutes
b. The good has very few substitutes
c. The good has too many complements
d. The good has very few complements
b
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A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them.
Answer the following statement true (T) or false (F)
An increase in unemployment benefits ________ and an increase in international competition that changes the location of jobs ________
A) increases frictional unemployment; increases structural unemployment B) increases structural unemployment; decreases frictional unemployment C) decreases cyclical unemployment; decreases cyclical unemployment D) decreases cyclical unemployment; increases cyclical unemployment E) decreases structural unemployment; decreases cyclical unemployment
If demand is inelastic, the absolute value of the price elasticity coefficient is greater than one
Indicate whether the statement is true or false
A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A) highly inelastic. B) very elastic. C) unitary elastic. D) composed of many small buyers.