In which of the following market structures do firms produce the welfare-maximizing level of output?
a. perfect competition
b. monopolistic competition
c. monopoly
d. Both a and b are correct.
a
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What will be an ideal response?
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Indicate whether the statement is true or false
Goods which are demanded to produce something else are said to have a(n):
a. direct demand. b. composite demand. c. derived demand. d. joint demand. e. inelastic demand.
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a. True b. False Indicate whether the statement is true or false