In imperfectly competitive markets
A. some competition may exist in the markets.
B. some competition may exist but only in other ways and not on price.
C. some competition may exist but only on price and not in other ways.
D. there is no competition in the markets.
Answer: A
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Which of the following is NOT regarded as a source of inefficiency in monopolistic competition?
A) The fact that price exceeds marginal cost B) Excess capacity C) Product diversity D) The fact that long-run average cost is not minimized E) all of the above
A budget constraint illustrates the
a. prices that a consumer chooses to pay for products he consumes. b. purchases made by consumers. c. consumption bundles that a consumer can afford. d. consumption bundles that give a consumer equal satisfaction.
The benefits-received principle of taxation is used to support corporate and personal income taxes.
Answer the following statement true (T) or false (F)
Analysis of a proposed merger involves examining its effect only on a market's concentration.
Answer the following statement true (T) or false (F)