Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
A. Perfectly competition.
B. Monopoly.
C. Monopolistic competition.
D. Oligopoly.
Answer: D
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A perfectly elastic demand:
A. means consumers are extremely sensitive to a change in price. B. means quantity demanded is unchanged if the price changes by any amount. C. is demonstrated by a vertical demand curve. D. has a price elasticity of 1.
To evaluate the potential impact of introducing the hybrid Prius auto into the U.S. market, Toyota Motor Corporation would use:
A. normative economic analysis. B. positive economic analysis. C. forensic analysis. D. negative economic analysis.
Which of the following rises when the U.S. price level falls?
a. interest rates b. the value of the dollar in the market for foreign-currency exchange c. real wealth d. All of the above are correct.
Hyperinflation may stimulate significant increases in real output in an economy.
Answer the following statement true (T) or false (F)