The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly.
B) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging.
C) monopolistic competition, because mail delivery is a differentiated product provided by many firms.
D) an oligopoly because a few other firms provide delivery of letters and packages.
Answer: A
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Which of the following statements is false?
A) An increase in demand causes equilibrium price and quantity to rise. B) A decrease in demand causes equilibrium price and quantity to fall. C) An increase in supply causes equilibrium price to fall and quantity to rise. D) A decrease in supply causes equilibrium price to rise and quantity to rise.
Improvements in literacy stimulate economic growth by: a. reducing the barriers to the flow of information
b. improving the flow of resources to more productive uses. c. imparting skills, which raises labor productivity. d. doing all of the above.
The circular flow model shows that the labor supplied by households takes place in the:
a. Money markets b. Resource markets c. Stock markets d. Product markets
Recall the Application about how Greek citizens began to hold large amounts of cash in 2015 to answer the following question(s). According to this Application, the main concern of Greek residents was that:
A. hyperinflation could occur in the economy. B. banks would convert their accounts to drachmas and they would suffer financial losses. C. the country would switch to a gold standard. D. the Prime Minister of Greece would be impeached.