There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are
a. monopolistic competition and oligopoly.
b. duopoly and triopoly.
c. perfect competition and monopolistic competition.
d. duopoly and imperfect competition.
a
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Based on our understanding of the model presented in Chapter 3, we know that a reduction in c1 (where C = c0 + c1YD) will cause
A) the ZZ line to become steeper and a given change in autonomous consumption (c0 ) to have a smaller effect on output. B) the ZZ line to become steeper and a given change in autonomous consumption (c0 ) to have a larger effect on output. C) the ZZ line to become flatter and a given change in autonomous consumption (c0 ) to have a smaller effect on output. D) the ZZ line to become flatter and a given change in autonomous consumption (c0 ) to have a larger effect on output.
Which of the following do you know for certain is true? a. The marginal utility of Diane's second Coke is greater than the marginal utility of her third pretzel
b. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third pretzel. c. The marginal utility of Diane's second Coke is greater than the marginal utility of her third Coke. d. The total utility of two Cokes is greater than the total utility of three Cokes. e. The marginal utility of Diane's second Coke is greater than the marginal utility of Ken's third Coke.