The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly.
B) an oligopoly because a few other firms provide delivery of letters and packages.
C) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging.
D) monopolistic competition, because mail delivery is a differentiated product provided by many firms.
A
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When shortages or surpluses persist for any extended period of time, they
A) are a consequence of failure to allow prices to perform their rationing function. B) are evidence of an underlying imbalance between demand and supply. C) are evidence of goods being scarce. D) indicate that there is no price that will clear the market in the case of some goods.
In general, a fine on selling a product leads to the
A) supply curve shifting rightward. B) supply curve shifting leftward. C) demand curve shifting rightward. D) demand curve shifting leftward.