The market structure in which there is a single supplier of a good or service for which there is no close substitute is
A. a price taker.
B. perfect competition.
C. monopolistic competition.
D. a monopoly.
Answer: D
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The average productivity of labor reaches its maximum:
a. at the point of inflection of the total product curve. b. where the slope of the total product curve is steepest. c. where the slope of the total product curve is zero. d. where marginal and average productivity are equal.
In a market undergoing technological change, firms that
A) adopt the new technology temporarily incur an economic loss. B) adopt the new technology temporarily make an economic profit. C) do not adopt the new technology temporarily make an economic profit. D) do not adopt the new technology increase their market share. E) do not adopt the new technology continue to make a normal profit.
We would expect the cross price elasticity of demand between digital cameras and film cameras to be positive
Indicate whether the statement is true or false
Which of the following is a principle concerning how people interact?
a. Markets are usually a good way to organize economic activity. b. Rational people think at the margin. c. People respond to incentives. d. All of the above are correct.