The concept of market structure refers to three main characteristics of buyers and sellers in a particular market. These include ____
a. the degree of seller and buyer concentration in the market
b. the degree of actual or imagined differentiation between the products or services of competing producers
c. the pricing behavior of the firms
d. a and b
e. a, b, and c
d
You might also like to view...
Which of the following was not a reason for the financial collapse in 2008?
a. inaccurate ratings by S&P and Moody's b. government promoting aggressive mortgage lending c. pooling of mortgage backed securities d. the absence of financial leveraging in the banking industry
Suppose that an employer hires workers with blue eyes and workers with brown eyes. Each type of worker has the same productivity. Which of the following is correct if the employer discriminates by offering blue-eyed workers lower wages than brown-eyed workers?
a. The employer will be just as cost efficient as a nondiscriminating employer. b. The employer will face higher costs than a nondiscriminating employer. c. The employer will have lower costs. d. The employer will have higher profits. e. Both a and c are correct.