Oligopoly is about the ________ and monopolistic competition is about the ________.
A. variety of products; number of firms
B. number of firms; variety of products
C. variety of products; barriers to entry
D. barriers to entry; number of firms
Answer: B
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Which of the following statements best describes high-income economies’ relationship with inflation?
a. The high-income economies appear to have a political consensus to hold inflation low, but not the economic tools to do so. b. The high-income economies appear to have the economic tools to hold inflation low, but not the political consensus to do so. c. The high-income economies appear to have both a political consensus to hold inflation low, and the economic tools to do so. d. The high-income economies do not appear to have a political consensus to hold inflation low, and the economic tools to do so.
A profit-maximizing firm always
a. sells its output at P = MR. b. produces at the output at which MR = 0. c. hires labor until the MRP of labor = 0. d. produces every unit of output for which MR > MC.
The four factors of production are:
A. land, labor, capital, and money. B. land, labor, capital, and entrepreneurial ability. C. labor, capital, technology, and entrepreneurial ability. D. labor, capital, entrepreneurial ability, and money.
Olives are used to produce olive oil. If the price of olives increases:
A. the demand for olive oil increases. B. the demand for olive oil decreases. C. the supply of olive oil increases. D. the supply of olive oil decreases.