Suppose a market has many firms and each firm has some brand image. This type of market is called:
A.) Duopoly.
B.) Monopoly.
C.) Monopolistic competition.
D.) Oligopoly.
C.) Monopolistic competition.
You might also like to view...
How is the wage to be paid to a worker determined by a profit-maximizing firm? If a marginal worker creates 8 units of a product in a month that is sold for $5 per unit, how much should be the maximum wage that should be paid to him?
What will be an ideal response?
The branch of economics that examines the self-interested behavior of politicians, lobbyists, agencies, bureaucrats, and voters is called
A) microeconomics. B) macroeconomics. C) econometrics. D) public choice.
What is the distinction between private cost and social cost?
What will be an ideal response?
The simplest economic definition of discrimination is
a. prejudice. b. unequal pay for equal work. c. a dislike by one group of associating with another group. d. unequal pay for unequal work.