The market model with the largest number of firms is:
A. pure monopoly.
B. monopolistic competition.
C. pure competition.
D. oligopoly.
Answer: C
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The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change?
A) a decrease in the number of corn growers B) a decrease the price of wheat, a substitute in production for corn C) an increase in the cost of the seed used to grow the corn D) a decrease in buyers' incomes if corn is an inferior good E) an increased belief among buyers that corn is healthy
Children under the age of 15 represent about __________ percent of the population of developing countries
(a) 25 (b) 29 (c) 30 (d) 61 (e) 75
Suppose $100 buys less in the year 2013 than in 2000. Then we can say that
A) money's store of value has decreased. B) money's store of value has increased. C) the economy must have been growing rapidly between 2000 and 2013. D) the economy must have been growing slowly between 2000 and 2013.
You just heard about Burton's annual tent sale going on next week. This will likely cause your demand for a Burton jacket today to:
A. increase because of your income constraint. B. increase because of your expectations of the price of Burton jackets next week. C. decrease because of your income constraint. D. decrease because of your expectations of the price of Burton jackets next week.