Imperfect competition and market power
A. are always the result of product differentiation.
B. result from diseconomies of scale.
C. result in higher output than in perfect competition.
D. are major sources of inefficiency.
Answer: D
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Which of the following statements is true?
A) A bar chart has many limitations in comparison to pie charts. B) A bar chart does not allow for the comparison of a single variable across many segments. C) A bar chart can only be used to represent independent variables. D) A bar chart indicates the frequency of a variable by using rectangles of different heights or lengths.
The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Ronald's real income in terms of hamburgers ________
A) depends on the quantity of hamburgers consumed B) depends on the quantity of hotdogs consumed C) is $20 D) is 10 hamburgers
When a second firm enters a monopolist's market,
A. the monopolist's demand curve decreases. B. the monopolist's demand curve increases. C. the monopolist's supply curve decreases. D. the monopolist's supply curve increases.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. To force this firm to produce the efficient level of output, the government should impose a tax of
A. $5.00 per car. B. $10.00 per car. C. $15.00 per car. D. an amount that is indeterminate from this information.