When a few rival groups spend money in competition for a license that grants them a monopoly for the provision of cable TV for an area, economists label this activity
a. perfect competition.
b. oligopoly.
c. monopolistic competition.
d. rent seeking.
d
You might also like to view...
Which statement is true?
A. The lower incomes that women earn relative to those earned by men is explained entirely by employment discrimination. B. Although there are many theories of poverty, few have any validity. C. Much of black poverty is caused by black male joblessness. D. None of these statements are true.
Why does the government provide public goods?
a) Private markets would not produce the efficient quantity of the good. b) Private markets would not produce any of the good. c) Private markets produce public goods less efficiently than the government. d) Private markets would charge too high a price for the good.
Economics assumes that human behavior reflects "rational self-interest." This means they allocate their time, energy, and money to maximize their satisfaction.
a. true b. false
The broad field of ________ would most likely study how all consumers respond to a hike in cigarette taxes.
A. labor economics B. development economics C. microeconomics D. macroeconomics