Firms do not have market power in which of the following market structures?
A) perfect competition only
B) perfect competition and monopolistic competition
C) oligopoly
D) monopoly
Answer: A
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Refer to Figure 4-1. If the market price is $1.00, what is Arnold's consumer surplus?
A) $1.00 B) $2.00 C) $3.00 D) $7.00
If, in the coordination failure model, the nominal money supply acts as a sunspot variable, then it is likely that the nominal money supply would
A) be procyclical. B) be acyclical. C) be countercyclical. D) alternatively appear to be procyclical and countercyclical.
If MPC = 0.8 and the economy is in equilibrium $500 below full-employment equilibrium, how much should government spending change to achieve full employment?
a. ?100. b. +80. c. ?80. d. +500. e. +100.
The equation of exchange is M × Y = P × V
a. True b. False Indicate whether the statement is true or false