Under which of the following market structures would consumers likely receive the most product variety?
a. perfect competition
b. monopolistic competition
c. oligopoly
d. monopoly
b
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Consider a market for coffee that is initially in equilibrium. If tea harvest is bad in a particular year, then identify the most likely impact on the equilibrium price and quantity of coffee.
a. ?The price of coffee will decrease while the quantity of coffee will increase. b. ?There will be no impact on the equilibrium price and quantity of coffee. c. ?The price of coffee will increase, while the quantity of coffee will decrease. d. ?Both the price and the quantity of coffee will increase. e. ?Both the price and the quantity of coffee will decrease
Suppose a monopolist's costs and revenues are as follows: ATC = $45.00; MC = $40.00; MR = $40.00; P = $45.00. The firm should
A. decrease output and increase price. B. increase output and decrease price. C. not change output or price. D. shut down.
If a nation experiences a year of unusually high immigration that increases the size of the labor force, we can conclude that the
A. Nation will choose a different point on the production possibilities curve. B. Nation's capital per worker will rise. C. Nation's production possibilities curve will shift outward. D. Nation's production possibilities curve will shift inward.
If a new governmental policy increases unemployment benefits, we would expect the labor ________ curve to shift to the ________.
A. demand; left B. demand; right C. supply; right D. supply; left