A monopolistic industry has
A. a homogeneous product and easy entry.
B. a single, unique product and blocked entry.
C. many differentiated products and easy entry.
D. either a standardized product or differentiated products.
Answer: B
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If a firm has two production alternatives and the price of one decreases, this will cause the other good's
A. supply curve to shift to the left. B. supply curve to shift to the right. C. demand curve to shift to the right. D. demand curve to shift to the left.
An economy that does NOT trade with the rest of the world is a(n)
A. open economy. B. command economy. C. closed economy. D. trade economy.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
The long-run aggregate supply curve shows the...
What will be an ideal response?