The reason that the "fast-casual" restaurant market is monopolistically competitive rather than perfectly competitive is because
A) barriers to entry are very low.
B) there are many firms in the market.
C) products are differentiated.
D) entry into the market is blocked.
C) products are differentiated.
You might also like to view...
A downward movement along the labor demand curve occurs when ________, assuming all else equal
A) the price of the output that the labor is used to produce increases B) the price of the output that the labor is used to produce decreases C) the wage rate increases D) the wage rate decreases
Which of the following statements about the central bank is TRUE?
A) Only the central bank may hold foreign reserves and intervene officially in exchange markets. B) Central banks have little power to alter macroeconomic conditions. C) Today, central banks' reserves consist largely of gold. D) The Federal Reserve holds only a small level of official reserve assets other than gold. E) Central banks never inject money into the economy.
The result that different auction styles in which the good goes to the winner with the highest valuation of the good generate the same amount of revenue is called
A) Revenue Equivalence Theorem. B) Marginal Revenue Theory. C) Auction Revenue Theory. D) First Bid Revenue Theorem.
Marginal Revenue is
A) the increase in total revenue from selling one more unit of output. B) equal to P(1 + 1/e). C) equal to P when the price elasticity of demand is infinite. D) All of the above.