Which market structure(s) is(are) imperfectly competitive?
oligopoly
monopolistic competition
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A positive externality or spillover benefit (additional social benefit) occurs when
A. the benefits associated with a product exceed those that accrue for consumers. B. firms earn positive economic profits. C. a firm does not bear all of the costs of producing a good or service. D. product differentiation increases the variety of products available to consumers.
If demand and supply both increase
A) the equilibrium quantity definitely will increase and market clearing price definitely will decrease. B) the equilibrium quantity definitely will increase and market clearing price definitely will increase. C) the equilibrium quantity definitely will increase but the change in market clearing price cannot be determined without more information. D) market clearing price definitely will increase but the change in the equilibrium quantity cannot be determined without further information.
Which of the following would be considered a fixed cost to a typical firm?
a. Inventory costs b. Hourly labor costs c. Salary paid to manager d. Electricity costs
The demand curve faced by the monopolist
A) is perfectly elastic. B) is perfectly inelastic. C) slopes downward. D) slopes upward.