Producing a homogeneous product occurs in which of the following industries?
A) monopolistic competition and perfect competition
B) perfect competition only
C) oligopoly, monopolistic competition, and perfect competition
D) oligopoly and perfect competition
D
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According to this Application, one explanation for the decline in the U.S. labor force participation rate since 1999 is
A) the increase in immigration to the United States. B) the increase in outsourcing by U.S. companies. C) the decline in the overall population. D) the increasing number of retiring baby boomers.
At every output level, a firm's short-run average cost (SAC) equals or exceeds its long-run average cost (LAC) because
A) diminishing returns apply in the short run. B) returns to scale only exist in the long run. C) opportunity costs are taken into account in the short run. D) there are at least as many possibilities for substitution between factors of production in the long run as in the short run. E) none of the above
When the discount rates fall, the cost:
a. of loans to bankers' best customers goes down. b. of loans between banks falls. c. of international loans falls. d. to banks of borrowing from the Fed falls. e. to savings and loans of borrowing money from the public falls.
In measuring the stock of money in the U.S., M1 includes
a. traveler's checks. b. savings deposits. c. credit cards d. none of the above.