In which of the following market structures can you find differentiated products?
A. monopoly
B. perfect competition
C. oligopoly
D. monopolistic competition and oligopoly
Answer: D
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The marginal propensity to consume (MPC) is
A) the percentage of real disposable income saved. B) the percentage of an additional dollar of real disposable income that will go toward additional real consumption spending. C) the percentage of real disposable income consumed. D) the rate at which real consumption spending changes over time.
The figure above shows a nation's production possibilities frontier. In the figure, point B shows
A) an unattainable point. B) an attainable point. C) a point with a free lunch. D) a point with no trade off. E) a point at which there are unemployed resources.
Why is there a price markup over marginal cost in monopolistic competition?
What will be an ideal response?
High rates of unemployment:
A. Indicate that society is not using a large portion of the talent and skills of its people B. Are associated with higher price levels C. Always correspond to a decrease in nominal GDP D. Do not affect an economy's output of goods and services