Video rental stores in cities are an illustration of:
a. perfect competition.
b. monopoly.
c. monopolistic competition.
d. oligopoly.
c
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According to Keynes, planned consumption
A) decreases as disposable income increases. B) is positively related to real disposable income. C) is unstable and fluctuates widely with changes in disposable income. D) is indirectly related to the interest rate.
After a firm makes short-run adjustments in its production plan following a wage increase,
A. the marginal product of labor will be higher. B. the marginal product of labor will be lower. C. the marginal product of capital will be higher. D. the marginal product of capital will be lower. E. (a) and (c) F. (a) and (d) G. (b) and (c) H. (b) and (d)
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
A. increase in the supply of the good. B. increase in the demand for the good. C. decrease in the demand for the good. D. decrease in the supply of the good.
An increase in wages will shift the supply curve up and to the left.
Answer the following statement true (T) or false (F)