Product differentiation always exists in
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
Answer: B
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Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the amount of food produced
A) remains constant. B) decreases. C) increases. D) might increase or decrease depending on whether the demand for food is elastic or inelastic. E) might increase or decrease depending on whether the monopoly's marginal revenue curve lies below or above its demand curve.
The unemployment that fluctuates over the business cycle is called
A) frictional unemployment. B) structural unemployment. C) full unemployment. D) cyclical unemployment. E) natural unemployment.
Equilibrium price
What will be an ideal response?
An external benefit implies that private markets will provide ________ than the socially optimal quantity, and an external cost implies that private markets will provide ________ than the socially optimal quantity.
A. less; less B. more; less C. less; more D. more; more