________ is an industry market structure with many firms each able to differentiate their products.
A. Monopolistic competition
B. Perfect competition
C. A monopoly
D. An oligopoly
Answer: A
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USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased. B. average product of labor increased. C. average product of capital fell. D. marginal product of capital fell.
The market process is dynamic
Indicate whether the statement is true or false
Refer to the accompanying figure. Suppose the dairy lobby convinces the government to impose price controls in this market. If the government requires cheese to be sold for a price of $8 per pound, total consumer surplus in the market would equal:
A. $120 per day. B. $20 per day. C. $60 per day. D. $80 per day.
The average tax rate steadily increased during the 2001-2008 Bush administrations.
Answer the following statement true (T) or false (F)