The four market types are
A) perfect competition, imperfect competition, monopoly, and oligopoly.
B) oligopoly, monopsony, monopoly, and imperfect competition.
C) perfect competition, monopoly, monopolistic competition, and oligopoly.
D) oligopoly, oligopolistic competition, monopoly, and perfect competition.
E) perfect competition, imperfect competition, monopoly, and duopoly.
C
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Suppose that over the next few years, the demand for dancing to country and western music decreases. Hence, at country and western dance clubs, the equilibrium price of admission ________, and the equilibrium quantity of dancing ________
A) rises; increases B) falls; increases C) rises; decreases D) falls; decreases E) does not change; decreases
In 1929, government purchases accounted for
A) only 18.5 percent of U.S. GNP. B) only 8.5 percent of U.S. GNP. C) 28.5 percent of U.S. GNP. D) 38.5 percent of U.S. GNP. E) 48.5 percent of U.S. GNP.