The market structure in which there is a single supplier of a good or service for which there is no close substitute is
A) oligopoly.
B) perfect competition.
C) monopoly.
D) monopolistic competition.
Answer: C
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Assuming that we can properly measure ability to pay, how do we use the principle of vertical equity to determine how much someone with greater ability to pay should pay in taxes?
a. By integrating it with the principle of horizontal equity. b. Through reference to the benefit principle. c. By looking at elasticities of demand for various income quintiles for the good in question. d. We cannot use the principle of vertical equity to answer this question.
In the spring, I enjoy the fragrance coming from my neighbors' flowers. The fragrance is is an example of
A) a negative externality. B) a private good. C) the need for antitrust legislation. D) a free rider problem.
If Nick consumes only two goods, oranges and plums, and he increases his consumption of oranges, then
a. the price of oranges must have increased b. Nick's income must have increased c. plums and oranges must be complements d. he must reduce his consumption of plums to remain on the same indifference curve e. Nick's MU/P of oranges will now increase
Marginal utility is the total amount of satisfaction one receives from the consumption of a certain quantity of a good
a. True b. False Indicate whether the statement is true or false