Consumers benefit from monopolistically competitive markets because:
A. they only have one good from which to choose.
B. in this type of market, producers supply goods in a variety of locations or with a variety of characteristics.
C. in this type of market, goods are sold at a price equal to the marginal cost of production.
D. goods are sold at a price equal to marginal revenue.
Answer: B
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The equilibrium quantity of money in circulation is determined by:
A. the interaction of an upward-sloping money supply curve and a downward-sloping money demand curve. B. the Federal Reserve. C. the decentralized interactions between households and businesses. D. the nominal interest rate, real income, and the price level.
In a perfectly competitive market, which of the following determines the market price?
A) market demand and a firm's supply B) market supply and a firm's demand C) a firm's demand and its supply D) market demand and market supply
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
The total tariff revenue to the government of an imported good is found by adding the tariff to the quantity of the good imported
a. True b. False Indicate whether the statement is true or false