Large cities typically have many drugstores that offer different levels of service and product selection. The drugstore market in big cities can best be classified as
A. Oligopoly.
B. Monopoly.
C. Monopolistic competition.
D. A competitive market.
Answer: C
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In terms of unemployment, hysteresis models try to explain why
a. cyclical unemployment is always present. b. structural unemployment cannot be eradicated. c. high unemployment persists even after its initial cause is long past. d. frictional unemployment is the cause of hysteresis.
The deposit expansion multiplier is
A. the reserve ratio. B. the excess reserves. C. the reciprocal of the reserve ratio. D. the reciprocal of the discount rate.
When the supply curve and the demand curve for a single product or service are shown on the same graph, the point at which the curves intersect identifies the ________.
A) total profit earned by the producers B) market price of the good C) quality of the good or service being purchased D) amount of the surplus to be anticipated E) the number of substitute goods available
Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million.Which of the following statements is correct?
A. Mexico does not have dominant strategy. B. Mexico does not have a dominated strategy. C. Mexico's dominant strategy is to abide by the agreement. D. Mexico's dominant strategy is to cheat on the agreement.