The two types of imperfectly competitive markets are
a. monopoly and monopolistic competition.
b. monopoly and oligopoly.
c. monopolistic competition and oligopoly.
d. monopolistic competition and cartels.
c
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A decrease in the price of a commodity results in a(n)
a. decrease in supply b. decrease in quantity demanded c. increase in demand d. decrease in quantity supplied e. increase in supply
In the United States, incomes historically have grown about 2 percent per year. At this rate, average income doubles every
a. 15 years. b. 25 years. c. 35 years. d. 45 years.
Tom is maximizing utility by buying three packs of bubble gum and four packages of Skittles. Given diminishing marginal utility, if the price of Skittles rises, the principle of rational choice tells us that Tom will buy:
A. more Skittles, raising the opportunity cost of not consuming Skittles. B. fewer Skittles, lowering the opportunity cost of not consuming Skittles. C. fewer Skittles, raising the opportunity cost of not consuming Skittles. D. more Skittles, lowering the opportunity cost of not consuming Skittles.
The unemployment rate is the number of unemployed people:
A. divided by the number of people who are working. B. divided by the total working-age population. C. divided by the sum of the number of people who are working and the number of people who are looking for work. D. and the number of people working fewer than their desired number of hours, divided by the number of people who are working or looking for work.