Which of the following is NOT one class of a market structure?
A. Perfect competition
B. Monopolistic competition
C. Monopoly
D. Dictatorship
Answer: D
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Which of the following are required for economic growth? i. more goods and services produced per hour of work ii. an increase in the average hours of labor per person iii. an increase in prices
A) i and iii B) i and ii C) ii and iii D) i only E) ii only
Consumer choice theory generally concludes that is based on the hypothesis that each consumer wants to
A. maximize her total utility. B. maximize her marginal utility. C. minimize the rate at which her marginal utility diminishes. D. minimize the percentage of her consumption diverted to inferior goods.
What are resale price maintenance, tying arrangements, and predatory pricing?
What will be an ideal response?
A decrease in the price level will result in:
a. a downward shift of the AD curve. b. an upward shift of the AD curve. c. a movement up the AD curve. d. a steeper slope of the AD curve. e. a movement down the AD curve.