Mutual interdependence would tend to limit control over price in which market model?
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Pure monopoly
Answer: C
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Consumers in an economy buy only three general types of products: A, B, and C. Changes in the prices of these items over a period are shown below: Average Price per UnitProductQuantityYear 1Year 2A10$10$8B152022C85055Using year 1 as the base year, the country's price index in year 2 is ________.
A. 100.0 B. 105.2 C. 106.3 D. 103.9
If the aggregate demand curve shifts ________ faster than the long-run aggregate supply curve, then ________ occurs
A) leftward; economic growth B) leftward; inflation C) rightward; economic growth D) rightward; inflation
Which of the following explains why monopoly is uncommon in the real world?
a. firms usually face downward-sloping demand curves. b. supply curves slope upward. c. price is usually set equal to marginal cost by firms. d. there are reasonable substitutes for most goods.
If a decrease in net taxes in the United States resulted in a very large increase in aggregate output and a very small increase in the price level, then the U.S. economy must have been
A. on the very flat part of the short-run aggregate demand curve. B. on the very steep part of the short-run aggregate demand curve. C. on the very steep part of the short-run aggregate supply curve. D. on the very flat part of the short-run aggregate supply curve.