Firms operating in a _____ market sell their products in a market where other firms produce identical products
a. monopoly
b. perfect competitive
c. monopsony
d. duopoly
b
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In reference to short-term economic fluctuations, the "peak" refers to:
A. a particularly strong and protracted expansion. B. the high point of economic activity prior to a recovery. C. a period in which the economy is growing at a rate significantly above normal. D. the high point of economic activity prior to a downturn.
Refer to Scenario 16.1. Suppose instead that Sam is initially allocated 3 cheese doodles and 3 pretzels, whereas Sally is initially allocated 6 cheese doodles and 10 pretzels. Which of the following statements is TRUE?
A) This allocation is Pareto optimal. B) This allocation is not Pareto optimal as Sally and Sam have unequal amounts of each good. C) The allocation is not Pareto optimal as Sally would be willing to exchange two pretzels for one cheese doodle and be better off, without making Sam worse off. D) The allocation is not Pareto optimal as Sam would willing exchange one pretzel for two cheese doodles and be better off, without making Sally worse off.
Which famous company executive introduced an innovative pay system that is consistent with the theory of efficiency wages?
a. Lee Iococca b. Steve Jobs c. Mark Zuckerberg d. Henry Ford
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.