A market structure in which many firms compete by making similar but slightly different products is called
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
B
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A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is (use the midpoint formula)
A. 1.50. B. 3.33. C. 0.67. D. 0.3.
Consider the demand curves for soft drinks shown in the figure above. A movement from point a to point b represents
A) a decrease in quantity demanded. B) an increase in demand. C) an increase in quantity demanded. D) a decrease in demand.
If consumers believe the price of tablet computers will increase in the future, this will cause the demand for tablet computers to decrease now
Indicate whether the statement is true or false
A country with high inflation, rising budget and trade deficits, and a rapidly expanding money supply
(a) is in transition. (b) has macroeconomic instability. (c) is practicing import substitution. (d) is practicing export promotion.