Which market type below is perceived as being the least competitive in mainstream economics?
(a) Perfect Competition;
(b) Monopolistic competition;
(c) Monopoly;
(d) Oligopoly
Answer: (c) Monopoly;
You might also like to view...
When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is:
A. aggregate shifts. B. stagnation. C. inflation. D. stagflation.
A profit-maximizing firm in the short run will expand output:
A. Until marginal cost begins to rise B. Until total revenue equals total cost C. Until marginal cost equals average variable cost D. As long as marginal revenue is greater than marginal cost
The World Bank primarily issues loans in order to
A) promote long-term development and growth in a developing nation. B) ensure long term stability within a banking system. C) be the global lender of the last resort in the case of financial crisis. D) maintain the IMF conditionality rules.
Which of the following statements is not correct?
a. Fixed costs are constant. b. Variable costs change as output changes. c. Average fixed costs are constant. d. Average total costs are typically U-shaped.