Considering the relevant market structures, which is an INCORRECT statement?
A) In a perfectly competitive situation, there is an extremely large number of firms.
B) In pure monopoly, there is only one firm.
C) In monopolistic competition, there is a large number of firms.
D) In any market situation, the number of firms is not very important.
Answer: D
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Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?
A. MR = AVC B. P = minimum AVC C. P = MC D. MR > ATC
As wages for manufacturing workers rise, wages for service workers will stay the same.
Answer the following statement true (T) or false (F)
Which of the following is not included in the investment component of GDP?
a. The purchase of 100 shares of stock. b. The purchase of a $1000 bond. c. A firm's purchase of a used van to use for deliveries. d. None of the above are included in the investment component of GDP.
If the Fed buys Treasury bills, then
A. the price of Treasury bills will rise. B. the market rate of interest on Treasury bills will fall. C. the price of Treasury bills will rise AND the market rate of interest on Treasury bills will fall. D. neither the price nor the market rate of interest on treasury bills will be affected.