A market with a few large sellers is called
A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.
D
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According to the article, ________ is expected to increase and add to China's ________ component of GDP
A) retail sales; consumption B) retail sales; investment C) rental income; investment D) rental income; exports
Refer to Figure 8.1. At the profit-maximizing level of output, total profit is
A) -$120. B) $0. C) $432. D) $600. E) $603.
One of the defining characteristics of a perfectly competitive market is
a. a small number of sellers. b. a large number of buyers and a small number of sellers. c. a similar product. d. significant advertising by firms to promote their products.
What determines the equilibrium wage and quantity for labor in competitive markets?
a. the intersection of the market supply of labor and the market demand for labor b. the influence of union-negotiated wages and limits on working hours c. the intersection of minimum wage and the market demand for labor d. the balance of substitution effect and the income effect