Strategic behavior and game theory are features of which market structure?
A) perfect competition
B) monopoly
C) monopolistic competition
D) oligopoly
D
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How is a monopolistically competitive industry like perfect competition? How is it like monopoly?
What will be an ideal response?
A multi-plant firm has three plants and, at its current production levels, the marginal cost of production at each of the three plants is $2.00. If the firm is perfectly competitive and the market price of its product is $5, which of the following is true?
A) The firm should exactly triple output in each of the plants to maximize profit. B) The firm is not producing the profit-maximizing total output. C) The firm is producing the profit-maximizing total output. D) The firm should increase output at each of the plants to maximize profit.
Inflation is a serious problem because inflation causes real wages to decline
a. True b. False Indicate whether the statement is true or false
Revenues from social insurance taxes are earmarked to pay for Social Security and Medicare
a. True b. False Indicate whether the statement is true or false