In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
E) perfect competition and monopolistic competition
A
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The supply-side motivated tax cuts of 1981 during the Reagan administration were aimed at
A) balancing the federal budget. B) decreasing aggregate supply. C) increasing aggregate demand. D) increasing aggregate supply.
Price discrimination by sellers is usually observed only in situations where
A) low-price customers can easily resell to high-price customers. B) prices are set by competing monopolies. C) sellers are bigots. D) sellers can effectively identify customers by their demand for the product.
A change in nominal GDP sums up changes in
A) prices alone. B) physical production alone. C) physical production and hours of production time. D) physical production and prices.
Voters will gather information on voting alternatives: a. when the cost of acquiring such information is exorbitantly high
b. as long as the marginal benefit to them of acquiring additional information exceeds the marginal cost to them. c. as long as the marginal benefit to them of the information is less than the marginal cost to them of gathering the information. d. because the welfare of the community is always perceived to be more important than the welfare of the individual.