The usefulness and relative simplicity of the supply and demand model is often used
A. even though, strictly speaking, few industries in the U.S. are governed by perfect competition.
B. because nearly every major industry in the U.S. is governed by perfect competition.
C. because nearly every major industry in the U.S. is governed by monopoly.
D. even though it has no connection to economic reality.
Answer: A
Economics
You might also like to view...
Which of the following games discussed in the text is a one-shot game?
a. The classic prisoner's dilemma b. The cola war game c. OPEC cartel d. McDonald's and Burger King price war
Economics
Refer to the table below. What is the expected price of the input in Country B?
The above table provides the probability distribution of price of an input next year in Country A and Country B.
A) $1 B) $999 C) $501 D) $500
Economics