A market structure in which many firms are selling an identical product is called
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
A
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The GDP deflator of a country in the base year was 100 and it is 130 in the current year. This implies that the prices of final goods and services produced in the country have increased by ________ between the two years
A) 3% B) 30% C) 10% D) 0.1%
What does it mean to say that a game is in "extensive form"?
A) Strategies are described, rather than just numbered. B) All payoffs are shown. C) The game is presented as a matrix. D) The game is presented as a decision tree. E) The game is written out as often as the situation calls for it to be played.
____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem
a. Opportunity costs b. Marginal costs c. Relevant costs d. Sunk costs e. None of the above
Assume that supply increases slightly and demand increases greatly. Which of the following will happen?
a. equilibrium price will fall and equilibrium quantity will rise b. equilibrium price will rise and equilibrium quantity will fall c. equilibrium price will rise and equilibrium quantity will rise d. equilibrium price will fall and equilibrium quantity will fall e. neither equilibrium price nor equilibrium quantity will change