Select the type of market that is described by the following attributes: many firms, differentiated products, and free entry
a. natural monopoly
b. perfectly competition
c. monopolistic competition
d. monopoly
c
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Honda will sell its vehicles to anyone who wants to and can buy one. Honda is using a ________ allocation method
A) first-come, first-served B) market price C) contest D) majority rule E) command
When the benefit-cost ratio of a project is greater than 1, the project should be considered.
A. True B. False C. Uncertain
Cartel prices are inherently stable.
Answer the following statement true (T) or false (F)
Given a set amount of money, goods A and B both give the same marginal utility at current levels of consumption but good A costs twice as much as good B. You should:
A. realize that you don't have enough information to answer the question. B. consume more of good B and less of good A. C. consume more of good A and less of good B. D. keep consuming the current amounts of both good A and good B.