If the smartphone market has only two firms, this market would be a
A. monopoly industry.
B. monopolistically competitive industry.
C. perfectly competitive industry.
D. duopoly industry.
Answer: D
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When you use the word income, you mean a value that must be qualified by a length of time
a. True b. False Indicate whether the statement is true or false
Two goods are considered substitutes if
a. a decrease in the demand for one leads to a decrease in the supply of the other. b. an increase in the demand for one leads to a decrease in the supply of the other. c. an increase in the price of one leads to an increase in the demand for the other. d. a decrease in the price of one leads to an increase in the demand for the other. e. a decrease in the supply of one leads producers to switch to production of the other.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
If your business earns $100,000 in revenues, has explicit costs of $80,000, and implicit costs of $50,000, your economic profit is
A. -$30,000. B. $20,000. C. $30,000. D. $50,000.