A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known as
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
Answer: B
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The table above gives the CPI for a nation. Based on the table, we can determine that the reference base period is
A) 1994. B) 1996. C) 1998-2000. D) 2002. E) More information about when the Consumer Expenditure Survey was undertaken is needed to answer the question.
Which of the following accurately describes condemnation by right of eminent domain?
(a) It involves the redistribution of property first owned by the government to private businesses. (b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period. (c) The benefits can be diverse and the costs can be concentrated. (d) It was never exercised by the federal government before the 1870s.
Ramona decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is
a. the value of the knowledge she would have received had she attended class. b. the $24 she could have earned if she had worked at her job for those two hours. c. the value of her nap minus the value of attending class. d. nothing, since she valued sleep more than attendance at class.
The term "the affluent society" was coined by
A. Michael Harrington. B. John Kenneth Galbraith. C. Karl Marx. D. Adam Smith.