We can draw demand curves for firms in perfectly competitive and monopolistically competitive industries, but not for oligopoly firms. The reason for this is
A) perfectly competitive and monopolistically competitive firms sell standardized products. Oligopoly firms sell differentiated products.
B) there are no barriers to entry in perfectly competitive and monopolistically competitive industries. There are high barriers to entry in oligopoly industries.
C) we can assume that the prices charged by perfectly competitive and monopolistically competitive firms have no impact on rival firms. For oligopoly this assumption is unrealistic.
D) that perfectly competitive and monopolistically competitive firms are price takers. Oligopoly firms are price makers.
C
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In the above figure, if the market is competitive and unregulated, output will be
A) zero. B) 50 units per week. C) 150 units per week. D) 250 units per week.
Which of the following areas of study typifies macroeconomics as opposed to microeconomics?
a. the effects of rent control on the availability of housing in New York City b. the economic impact of tornadoes on cities and towns in Oklahoma c. how tariffs on shoes affects the shoe industry d. the effect on the economy of changes in the nation's unemployment rate