Monopolistically competitive markets are like perfectly competitive markets because in both markets firms:
A. have some control over price.
B. face substantial barriers to entry.
C. face a large number of competitors.
D. have no control over price.
Answer: C
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Observations of consumer behavior suggest that when the price of gasoline rose above $3.50 per gallon, consumer demand for gas became considerably more price elastic
Indicate whether the statement is true or false
Which of the following statements best summarizes why bureaucrats tend to be budget maximizers?
a. The larger the budget, the more assured bureaucrats can be of having sufficient resources to complete a task. b. The larger the budget, the more power and prestige the bureaucrat wields. c. The larger the budget, the larger the workload of the bureaucrat. d. The larger the budget, the more work in the public interest the bureaucrat can undertake.
If opening up international trade resulted in the U.S. importing ballpoint pens, what would tend to happen to the U.S. price of ballpoint pens? a. The domestic price will fall
b. The domestic price will rise. c. The domestic price will remain constant. d. It is impossible to predict the impact.
National income, plus income received but not earned, minus income earned but not received, is
a. personal income b. personal disposable income c. pre-tax profit d. net national product e. capital depreciation