When there are many buyers and sellers, no significant barriers to entry, and a differentiated product, the market structure is called
a. an oligopoly
b. perfect competition
c. monopolistic competition
d. a monopoly
e. unbalanced monopoly
C
You might also like to view...
Robert received a $100 gift certificate to a bookstore a year ago. The economy has been in an inflationary period for the last year. This gift certificate is
A) expressed in real terms and is worth more. B) expressed in nominal terms and is worth less. C) not expressed in either real or nominal terms since it is not money. D) adjusted in terms of the CPI.
If an industrial union would strike if it does not receive a particular wage rate, then the supply curve of labor in this market
a. is horizontal at that particular wage rate until it intersects the original supply of labor curve b. is vertical at that particular wage rate until it intersects the original supply of labor curve c. shifts to the left d. disappears e. slopes downward