There are a few ship manufacturers in Polonia and each firm faces a downward sloping demand curve. The ship-building industry in Polonia is an example of a(n) ________
A) perfect competition
B) monopolistic competition
C) monopoly
D) oligopoly
D
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A negative externality exists when
A. a person's or group's actions cause a benefit that is felt by others. B. a person's or group's actions cause a cost that is felt by others. C. market output is less than socially optimal output. D. a and c E. b and c
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 400 B. W = 0.02Qs + 400 C. W = 50Qs + 20,000 D. W = 200Qs + 800
Traveler's check are
A) part of M1 only. B) part of M2 only. C) part of M1 and M2. D) not part of M1 or M2.
For a perfect competitor, marginal revenue equals
A) the slope of the demand curve. B) average revenue divided by price. C) price divided by average revenue. D) the market price.