In which two market models would advertising be used most often?
A. Monopolistic competition and oligopoly
B. Pure competition and monopolistic competition
C. Pure monopoly and oligopoly
D. Pure competition and pure monopoly
Answer: A
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In a world without transactions costs, how will a change in property rights affect
(i) economic efficiency, (ii) the distribution of income, and (iii) the allocation of resources? Explain, using the Weak and Strong Coase Theorems.
Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay
A) increases by $1,000. B) increases by less than $1,000. C) increases by more than $1,000. D) decreases by $1,000. E) does not change.
What is marginal external cost of production?
What will be an ideal response?
Oligopolies are characterized by many firms.
Answer the following statement true (T) or false (F)