Recall the Application about food and drink pricing during "happy hour" at bars and restaurants to answer the following question(s).Recall the Application. Bars and restaurants generally operate in a(n):
A. monopoly market.
B. monopolistically competitive market.
C. perfectly competitive market.
D. oligopoly market.
Answer: B
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A chief criticism of adaptive expectations is that
A) it assumes people ignore information that would be useful in making forecasts B) people have a hard time adapting C) it doesn't rely on technical analysis D) it violates the efficient markets hypothesis
A firm's economic profits are given by:
a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.
Real GDP and nominal GDP differ because the real GDP:
a. is adjusted for changes in the volume of intermediate transactions. b. includes the economic effects of international trade. c. has been adjusted for changes in the price level. d. excludes depreciation charges.
When analyzing the economy as a whole, ________ substitution from one market to another is impossible.
a) macroeconomic b) externality c) microeconomic d) aggregate