A market with more than one seller and significant barriers to entry is called
a. perfect competition
b. monopolistic competition
c. an oligopoly
d. collusive
e. regulated
C
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Studying the effects choices have on the individual markets within the economy is part of
A) scarcity. B) microeconomics. C) macroeconomics. D) incentives.
A freeze in Florida's orange growing regions will:
A result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic. B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic. C result in little change in the price of oranges in the short run because supply is infinitely elastic. D result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
Suppose there are two countries that are identical in every way with the following exception: Country A has a lower depreciation rate (?) than country B. Given this information, we know with certainty that
A) the growth rate will be the same in the two countries. B) the growth rate will be higher in A than in B. C) K/N will be higher in B. D) Y/N will be higher in B.
A monopolist ________ when its marginal revenue is zero.
A. maximizes total revenue B. shuts down C. is efficient D. maximizes profit