There are many corn farmers, each of whom produces the same product. The corn market can best be classified as
A. Monopoly.
B. Monopolistic competition.
C. Perfect competition.
D. Oligopoly.
Answer: C
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Refer to the figure above. Which of the following best describes a method to compensate the group that was made worse off when Barylia opened to free trade?
A) The buyers could be taxed and the tax revenue could be used to compensate the sellers. B) The sellers could be taxed and the tax revenue could be used to compensate the buyers. C) Barylia could sell the calculators at a price below the domestic equilibrium price in the global market. D) Barylia could sell the calculators at a price above the world price in the global market.
Which of the following is true? a. Price leadership is a form of explicit collusion
b. Price leadership is more likely when there are a substantial number of roughly equally sized firms in oligopoly. c. A price leader is most likely to be a dominant firm in an industry. d. None of the above is true.
The more restrictions an airline puts on tickets, the ______.
a. more expensive they are b. cheaper they are c. more competition there is for them d. easier it is to sell them
When demand is elastic,
A. an increase in price causes total revenue to rise. B. marginal revenue is negative. C. the percentage change in price exceeds the percentage change in quantity. D. both b and c E. none of the above