Economic theory predicts a close relationship between productivity and real wages. Does history confirm this relationship?

The market structure that is characterized by a small number of large firms that have some market power is called:

A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.

Price is constant to the individual firm selling in a purely competitive market because:

A. the firm's demand curve is downsloping. B. of product differentiation reinforced by extensive advertising. C. each seller supplies a negligible fraction of total supply. D. there are no good substitutes for its product.