A market comprised of only two firms is called a
A) competitive market.
B) duopoly.
C) monopoly.
D) monopolistically competitive market.
Answer: B
Economics
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If a good is inferior, then it has an income elasticity of demand that is
A) equal to zero. B) greater than zero. C) less than zero. D) greater than one. E) undefined.
Economics
The law of demand implies that if nothing else changes, there is
A) a positive relationship between the price of a good and the quantity demanded. B) a negative relationship between the price of a good and the quantity demanded. C) a linear relationship between price of a good and the quantity demanded. D) an exponential relationship between price of a good and the quantity demanded.
Economics