In San Francisco there are many retail clothing stores. Each store is slightly different from every other store. Retail clothing stores are an example of what market structure?
A. monopoly
B. perfect competition
C. monopolistic competition
D. oligopoly
Answer: C
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Michelle spends all of her income on mangos and rice. Mangos cost $2 per pound and rice costs $1.50 per pound
If Michelle is spending all of her income and the marginal utility per dollar spent is 20 for the last pound of mangos purchased and 10 for the last pound of rice purchased, then A) Michelle is maximizing utility from her present consumption bundle. B) Michelle should buy more rice and fewer mangos in order to maximize utility. C) Michelle should buy more mangos and less rice to maximize utility. D) None of the above answers is correct.
Refer to Figure 12.3. Suppose that after a negative supply shock, the economy is at point X in the IS-MP model and at point B on the Phillips curve. If the Fed has a goal of price stability, the economy would ________ in the IS-MP model and ________ on the Phillips curve.
A) move to point Y; move to point C B) remain at X; move to point A C) move to point Y; remain at point B D) move to point Z; move to point A
Purchasing additional equipment for more people to use or share in a production environment usually results in a
A) higher level of output. B) more expensive level of output. C) backlog of production. D) worker sharing his or her load.
Deep integration
A) is easier to achieve than shallow integration. B) is less controversial than shallow integration. C) does not require changing domestic policies unrelated to tariffs and quotas. D) requires cooperation with other national governments or international bodies. E) can be implemented unilaterally.