Which of the following is most likely sold in a monopolistically competitive market?
a. wheat
b. cable TV programming
c. a share of McDonald's stock
d. sunglasses
d
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The United States
A. has sometimes attained productive efficiency. B. usually attains productive efficiency. C. never attained productive efficiency.
Consider a good that you do not like at all, perhaps turnips. Given the market price for turnips, what would be your consumer surplus?
What will be an ideal response?
Suppose a market is dominated by three firms. This type of market is called:
A.) Perfect competition. B.) A monopoly. C.) Monopolistic competition. D.) An oligopoly.
The difference between scarcity and a shortage is
A) scarcity is caused by poverty and shortages are caused by natural disasters. B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors. C) scarcity always is a part of human life while shortages usually are temporary. D) shortages are always part of human life while scarcity is usually temporary.