Perfectly competitive markets are not the most efficient type.
Answer the following statement true (T) or false (F)
False
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Successive downward movements along the demand curve for the product of a monopolist always generate successive
A) increases in the monopolist's marginal revenue. B) increases in the monopolist's average total costs. C) decreases in the additional per-unit costs incurred by the monopolist. D) decreases in the additional per-unit revenues earned by the monopolist.
Economic theory is necessary and extremely important because of its relationship to economic policy
a. True b. False Indicate whether the statement is true or false
National income is the sum of
A. wages and profits. B. wages, interest, profits, and rent. C. interest and rent. D. wages, transfer payments, and tax revenues.
An oligopoly between two firms is called
A) a biopoly. B) an oligopoly; there are no special terms used for oligopolies with different numbers of firms. C) a dual-firm oligopoly. D) a duopoly.