Sammy's Inc competes with a few other firms because there are natural barriers to entry. Sammy's operates in
A) a perfectly competitive market.
B) an oligopoly.
C) a monopolistically competitive market.
D) a monopoly.
E) a natural monopolistically competitive market.
B
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Economic models using computer simulations can provide an estimate of the
A) recognition lag. B) decision lag. C) bureaucratic lag. D) impact lag.
If the interest rate is above the Fed's target, the Fed should
a. buy bonds to increase the money supply. b. buy bonds to decrease the money supply. c. sell bonds to increase the money supply. d. sell bonds to decrease the money supply.
The price of leisure is the wage rate.
Answer the following statement true (T) or false (F)
Which of the following statements best describes the economic short run?
A) It is a period of one year or less. B) It is a period during which firms are free to vary all of their inputs. C) It is a period during which at least one of the firm's inputs is fixed. D) It is a period during which fixed inputs become variable inputs because of depreciation.