A market structure in which one firm produces a good or service that has no close substitutes is called
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
D
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What is the difference between perfect competition and monopolistic competition?
A) Perfect competition has a large number of small firms while monopolistic competition does not. B) Perfect competition has barriers to entry while monopolistic competition does not. C) Perfect competition has no barriers to entry, while monopolistic competition does. D) In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods. E) In monopolistic competition, firms produce identical goods, while in perfect competition, firms produce slightly different goods.
Banks create money by
A) printing currency. B) asking the Fed to print more currency. C) lending to the Fed. D) making loans. E) buying government securities.
Understanding the impact of carbon taxes on the energy usage of individual households and firms is studied under:
A) microeconomics. B) macroeconomics. C) fiscal economics. D) financial economics.
Which of the following groups believes that unemployment is only a temporary condition that disappears when unemployed workers, competing for jobs, drive down wage rates?
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school