In which of the following market models do demand and marginal revenue diverge?
A. Pure monopoly, oligopoly, and monopolistic competition.
B. Pure monopoly, oligopoly, and pure competition.
C. Pure monopoly only.
D. Oligopoly only.
Answer: A
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How will a decrease in price tend to affect supply?
a. Supply will increase. b. Supply will decrease. c. Supply will not change. d. Uncertain.
The tendency for consumers to purchase more of a good or service as its price falls is captured by the:
A. law of demand. B. law of increasing cost. C. Low-Hanging Fruit Principle. D. law of supply.
The specificfactors model is termed a "shortrun" model because:
a. labor cannot move from one activity to another. b. land resources can move from one activity to another . c. labor can move from one activity to another. d. land and capital cannot move from one activity to another .
Which of the following is not correct about the money kept in transactions accounts?
A. It is backed by gold held by the government. B. It is part of the basic money supply. C. It permits direct payment to a third party. D. It is a good substitute for cash in many cases.