The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm:
A. coordinates their output decisions with other firms.
B. produces a good with no close substitutes.
C. faces a downward-sloping demand curve.
D. faces high barriers to entry.
Answer: C
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Which of the following will not shift the demand curve for a good?
A) an increase in population B) a decrease in the price of a substitute good C) an increase in consumer incomes D) an increase in the price of the good
________ have a horizontal and a vertical axis and are used in economics to illustrate relationships between two economic variables
A) One-dimensional graphs B) Two-dimensional graphs C) Bar graphs D) Pie Charts
The short-run Phillips curve will shift if there is
A) a change in inflation expectations. B) an increase in inflation that is unanticipated. C) an increase in the unemployment rate. D) a decrease in inflation that is unanticipated.
A person’s portfolio of investments is the bundle of all the stocks, bonds, and other assets the person owns.
Answer the following statement true (T) or false (F)