Which market structure best characterizes the various Internet markets?
A. Differentiated oligopoly.
B. Homogeneous oligopoly.
C. Monopolistic competition.
D. Pure monopoly.
Answer: A
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To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt
A) wealth B) income C) money D) credit
If a firm's marginal revenue is greater than its marginal cost, then:
a. each added unit of output will reduce profits. b. the firm is maximizing profit. c. an increase in output will add more to revenue than to cost. d. an increase in output will add more to cost than to revenue. e. a fall in output will add more to revenue than to cost.
A decrease in demand will increase total revenue: a. Always
b. Only if supply is relatively inelastic. c. Only if supply is relatively elastic. d. Never.
If the United States imports televisions and the U.S. government imposes a tariff on televisions, then
a. total surplus in the American television market decreases. b. producer surplus in the American television market increases. c. U.S. imports of foreign televisions decrease. d. All of the above are correct.