Which of the following pairs illustrates the two extreme examples of market structures?
a. perfect competition and oligopoly
b. perfect competition and monopoly
c. monopoly and monopolistic competition
d. oligopoly and monopolistic competition
b
You might also like to view...
The figure above shows that as a result of the tariff, producer surplus in the United States
A) decreases by $105 million per year. B) increases by $55 million per year. C) decreases by $30 million per year. D) decreases by $20 million per year. E) remains unchanged.
When buyers and sellers optimize in a perfectly competitive market, ________
A) social surplus is maximized B) social surplus is minimized C) only consumer surplus is maximized D) only consumer surplus is minimized
For the affected individuals, pecuniary externalities can be as harmful as technological externalities
a. True b. False
Betty spends all her income on wine and brie. Currently she gets 30 utils from the last bottle of wine and 15 utils from the last package of brie. The price of wine is $6 per bottle and the price of brie is $4 per package. a. Betty cannot increase her total utility by changing the combination of wine and brie she consumes. b. Betty can increase her total utility by buying more wine and less
brie. c. Betty can increase her total utility by buying more brie and less wine. d. Betty could increase her total utility by buying less of both brie and wine.