A market of price takers is called
A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.
A
You might also like to view...
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. As income increases, consumption increases, but for each additional increase in income, consumption increases by a larger and larger amount. If consumption is graphed on the vertical axis and income is graphed on the horizontal axis, the relationship between consumption and income would look like which of the following Panels?
A. A B. B C. C D. D
If the average level of nominal income in a nation is $44,000 and the price level index is 175, the average real income would be about:
A. $18,857 B. $25,143 C. $44,000 D. $77,000
The table above displays the possible outcomes for Bob and Joe, who have been arrested for armed robbery and car theft. Which of the following is TRUE?
A) If Joe confesses, Bob should not confess. B) If Bob confesses, Joe should confess. C) The dominant equilibrium is that Joe and Bob both serve 2 years. D) If Joe does not confess, Bob should not confess.
Myron worked at a factory where he earned $20,000 per year. One day, he quit his job and opened a bumper sticker business. After one year, his business earned $60,000 in sales revenue and he incurred $30,000 in direct business expenses. If he received no salary from the new business, what is his economic profit?
a. $10,000 b. $30,000 c. $60,000 d. $20,000 e. $50,000