In which of the following market structures does a seller have NO market power?
A) Monopoly
B) Oligopoly
C) Perfect competition
D) Monopolistic competition
C
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Which of the following statements is true?
A) The marginal entrant in a market earns the highest profit. B) The marginal entrant has the lowest cost among all firms in the market. C) Difference in technology and experience can lead to firms having non-identical costs even under perfect competition. D) In a market that has identical cost structures for all firms, there is possibility of positive economic profits in both the short run and the long run.
Because women have a longer average life span than men, they are paid
A) higher monthly retirement benefits by a defined benefit pension plan. B) lower monthly retirement benefits by a defined benefit pension plan. C) the same monthly retirement benefits by a defined benefit pension plan. D) the amount of monthly benefits paid to men and women by a defined benefit plan is determined by each company.
In the aggregate demand curve, the endogenous variable is ________
A) output B) inflation C) the real interest rate D) real money balances E) none of the above
The equilibrium outcome used in both the sequential and simultaneous move games is known as
a. The centrality equilibrium b. First mover equilibrium c. Nash equilibrium d. All of the above