The market structure that is associated with big business in developed economies is
a. perfect competition.
b. monopolistic competition.
c. monopoly.
d. oligopoly.
d
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The distribution of income in the United States is characterized by the following relationship between the mean, median, and mode incomes
A) mean income < median income < mode income. B) mode income < median income < mean income. C) median income < mean income < mode income. D) mode income < mean income < median income.
A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers. B) domestic manufacturers of steel. C) domestic consumers of steel. D) workers in the steel industry. E) foreign consumers of steel.
If a price above equilibrium is imposed on a market, welfare will increase when the price control is lifted. If a price control is below equilibrium and then is repealed and allowed to rise to equilibrium, welfare in the system will increase.
A. Both statements are false. B. The first statement is true and the second is false. C. Both statements are true. D. The first statement is false and the second statement is true.