Kansas Power and Light, the only supplier of electricity in Kansas, is an example of a firm in what type of market?
A) a monopoly market
B) an oligopolistic market
C) a perfectly competitive market
D) a monopolistically competitive market
A
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We define a monopoly as a market with
A) one supplier and no barriers to entry. B) one supplier with barriers to entry. C) many suppliers with no barriers to entry. D) many suppliers with barriers to entry. E) a few suppliers and barriers to entry.
Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars
A) Tom will receive $12 of consumer surplus from buying one shirt. B) Harriet will receive $25 of consumer surplus since she will buy no shirts. C) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts. D) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
Specialization occurs because
A) society trades current consumption for future consumption. B) the production possibilities curve tends to be linear. C) people have different skills. D) society produces made the production possibilities curve.
Experience goods are products or services
a. that the customer already knows b. whose performance is highly unusual c. whose quality is undetectable when purchased d. not likely to cause repeat purchases e. all of the above