In which of the following market structures is(are) there a large number of sellers? (i) monopolistic competition (ii) perfect competition (iii) oligopoly
a. (i) and (ii) only
b. (ii) and (iii) only
c. (ii) only
d. (i), (ii), and (iii)
a
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Suppose there has been an increase in investment. As a result, real GDP will ________ in the short run, and ________ in the long run
A) decrease; increase to its initial level B) increase; increase further C) increase; decrease to its initial value D) decrease; decrease further
Which of the following is a characteristic of the core?
a. The core is the set of all allocations that cannot be blocked. b. The core is the set of all allocations where the value realized by the members of the coalition are same as what they can realize individually form the core. c. Cores are broken when one or more participants withdraw from the coalition. d. Any allocation that makes even one of the parties to the transaction better off is in the core.
Your textbook uses steel, concrete, and aluminum to describe the nature of competition between industries. What is important about this example is that it helps distinguish between
a. industries and markets b. firms and industries c. firms and markets d. different construction technologies e. factor markets for buildings
A nation can determine how close it is to the classical range by considering its:
a. Unemployment rate. b. Exchange rate. c. Balance of payments position. d. None of the above.