Firms in industries that have competitors but do not face so much competition that they are price takers are operating in either a(n)
a. oligopoly or perfectly competitive market.
b. oligopoly or monopoly market.
c. oligopoly or monopolistically competitive market.
d. monopoly or monopolistically competitive market.
c
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A product that is a close substitute but not a perfect substitute for the products of the other firms is called
A) a homogeneous product. B) an efficient product. C) a differentiated product. D) an inelastic product.
A relatively large increase in the cost of electricity would likely
A. result in a large increase in the use of gas for home use immediately. B. cause an immediate large decline in the use of electricity. C. increase the use of gas and decrease the use of electricity after a time lapse. D. cause an equal reduction in the use of electricity immediately.
Some high-end retail stores that distribute mail-order catalogs will prominently offer some very high priced goods for sale (for example, a luxury sports car with gold-plated interior trim) in addition to their regular line of merchandise
Behavioral economists argue that the stores do not really plan to sell these goods, but they use these items to provide the customers with a high reference point for the prices of the other goods in the catalog. This practice is an example of: A) the ultimatim game. B) loss aversion. C) anchoring. D) none of the above
Medicare requires individuals to take a standard health test first, but Medicaid does not.
A. True B. False C. Uncertain