Suppose ten companies begin introducing new genetically engineered apples. Each has their own distinctive taste and brand name. This market would be described by
A. monopoly.
B. oligopoly.
C. perfect competition.
D. monopolistic competition.
Answer: D
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The "crowding-out effect" refers to how a government budget deficit
A) shifts only the supply of loanable funds curve leftward. B) shifts both the demand for and the supply of loanable funds curves leftward. C) increases the equilibrium quantity of investment. D) shifts only the demand for loanable funds curve leftward. E) decreases the equilibrium quantity of investment.
Markets are best defined as
A) arrangements where buyers and sellers get together to buy and sell. B) specific geographic locations where people get together to buy and sell. C) hypothetical constructs used to analyze how people form their tastes and preferences. D) places where people can inspect goods and services carefully.
If firms and workers have adaptive expectations, what impact will expansionary monetary policy have on inflation, unemployment, and the Phillips curve?
What will be an ideal response?
Labor (# of employees)Total Output0011025031104160520062307255827592901030011305Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the fifth worker?
A. 40 B. 30 C. 50 D. 200