Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?
a. Perfectly competition.
b. Monopoly.
c. Monopolistic competition.
d. Oligopoly.
d
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On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit. D) opportunity costs will be missing from the column depicting accounting profit.
The marginal utilities associated with the first 5 units of consumption of good Y are 15, 15, 10, 7, and 3, respectively. What is the total utility associated with those 5 units?
a. 5. b. ?12. c. 12. d. 35. e. 50.
Under an oligopoly market structure, rival firms take completely independent decisions
a. True b. False Indicate whether the statement is true or false
Which of the following groups would have the highest unemployment rates?
a. married men b. white workers c. college graduates d. teenagers