Even when there are only a few firms in a market, the market can still be competitive as long as barriers to entry are low. Markets of this type are called
a. monopolistic markets.
b. price-taker markets.
c. contestable markets.
d. convertible markets.
C
You might also like to view...
By definition, an inferior good is a
A) want that is not expressed by demand. B) normal substitute good. C) good for which demand decreases when its price rises. D) good for which demand decreases when income increases.
Suppose Bill Gates deposits $20 million into his checking account at Wells Fargo Bank. If the required reserve ratio is 10 percent, what is the maximum change in money supply?
A) -$200 million B) -$180 million C) $2 million D) $180 million E) $200 million
Technological change:
A. does not reduce average total cost but does change production techniques. B. reduces average total cost by expanding plant size. C. reduces average total cost by changing production techniques. D. reduces average total cost without changing production techniques.
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. According to the study cited in the Application, does EITC improve income distribution?
A. Yes, aside from increasing income for low-income households, it improves the health levels of the worker and their families. B. Yes, EITC encourages workers to sop working and get an education in the health industry. C. No, only the politicians get rich because of EITC. D. No, the level of spending on EITC is so low it has no measurable effects on incomes of the poor.