________ is an industry market structure with a small number of firms each large enough to impact the market price of its output.
A. An oligopoly
B. A monopoly
C. Monopolistic competition
D. Perfect competition
Answer: A
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in demand are represented by a movement from
A) point b to point d. B) point c to point a. C) point a to point b. D) point d to point a.
If real GDP is $6,460 billion, the population is 184.6 million people, and aggregate hours is 170 billion hours, labor productivity is
A) $2.63 an hour. B) $2.86 an hour. C) $35,000. D) $38.00 an hour. E) 920 hours.
Traditionally, men have been more willing to accept jobs that
a. required continuous employment in the labor force. b. require relocation if necessary to get a higher paying job. c. have long working hours. d. All of the above are correct.
The nominal wage is $40 an hour and the price level as measured by a price index is 2.00. If the nominal wage falls to $30 and the price index declines to 1.50, according to the worker misperception explanation of the upward-sloping SRAS curve, workers will initially perceive the
A) real wage as something greater than $20. B) real wage as something less than $20. C) real wage as $20. D) nominal wage as something more than $30. E) nominal wage as something less than $30.