In an imperfectly competitive industry
A. a single firm has some control over the price of its output.
B. the government will always regulate the output price.
C. a single firm has no control over the price of its output.
D. a single firm will be able to sell all of its output at whatever price it wants to charge.
Answer: A
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If the exchange rate falls, domestic goods become relatively ______ expensive. This change in the affordability of domestic goods makes domestic goods _____ attractive to domestic residents. So, _______ ______
Fill in the blank(s) with correct word
A price ceiling below the market clearing price results inI.excess quantity demandII.excess quantity suppliedIII.entry of new producers
A. I only B. II only C. III only D. Both I and III
Refer to the below data. In a competitive market for this agricultural product, the equilibrium price and output level will be:
A. $6 and 180 bushels
B. $7 and 220 bushels
C. $8 and 260 bushels
D. $8 and 160 bushels
The United States has more income inequality than Japan, Germany, and France
a. True b. False Indicate whether the statement is true or false