In which market model are the conditions of entry into the market easiest?
A. Pure competition
B. Pure monopoly
C. Monopolistic competition
D. Oligopoly
A. Pure competition
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An oligopoly created because of economies of scale is called a
A) natural oligopoly. B) legal oligopoly. C) public oligopoly. D) monopolistic oligopoly. E) scale oligopoly.
In a competitive market equilibrium:
A) social surplus is minimized. B) all the gains from trade are not realized. C) there is Pareto efficiency. D) all the firms earn positive economic profits.
Double markup problems arise when
a. upstream firms have market power b. downstream firms have no market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product
Unemployment rates differ widely among various groups in the population
a. True b. False Indicate whether the statement is true or false