In which market structures do firms engage in nonprice competition?
A. perfect competition and monopolistic competition
B. monopolistic competition and oligopoly
C. oligopoly and monopoly
D. perfect competition and monopoly
Answer: B
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If an economy experiences constant opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be?
A. A straight, downward-sloping line. B. Bowed outward or concave from below. C. Bowed inward or convex from below. D. Bowed outward until the two goods are equal, and then bowed inward.
For a firm in a perfectly competitive market, price is
A) equal to both average revenue and marginal revenue. B) greater than marginal revenue but less than average revenue. C) equal to average revenue but greater than marginal revenue. D) less than both average revenue and marginal revenue.
The supply and demand for wheat is given by QS = 200 + .2A + p and QD = 500 - p, where p is the price of wheat and A is the amount of rainfall (inches per year). The effect of an incremental increase in rainfall on equilibrium will be
A) a decrease the price of wheat by 10¢. B) a decrease the price of wheat by 20¢. C) an increase in the price of wheat by 20¢. D) an increase in the price of wheat by 10¢.
Which of the following contributed to the increase in the national debt during the 1990s?
A. A decrease in military expenditures. B. The bailout of failed savings and loan associations. C. A decrease in discretionary spending. D. A period of inflation.