The single most important factor that determines market structure is
a. location
b. firm size
c. number of firms in the industry
d. price
e. complementarity of the goods
C
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Samuel Slater is most recognized for:
a. inventing the cotton gin. b. inventing the telegraph. c. lobbying the government for the abolition of slavery. d. playing an integral role in developing the first American factory.
The sub-discipline of economics that focuses especially on individual markets is:
a. normative economics. b. positive economics. c. microeconomics. d. macroeconomics. e. econometrics.
Which of the following is not a common characteristic of IACs?
a. Market-based economies. b. Large stocks of technologically advanced capital. c. Well-educated labor. d. Low per capita energy consumption.