Which of the following firms are in a monopolistically competitive market?
A) the many retail firms such as JCPenney, Sears, The Gap, and so on
B) the sole local providers of electricity, such as Kansas Power and Light, or Pacific Gas and Electric
C) the many farmers that grow wheat
D) None of the above are in a monopolistically competitive market.
A
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The most important source of funding for Medicare is
a. the federal income tax. b. premiums paid by elders and deducted from their monthly Social Security checks. c. a 2.9 percent payroll tax paid by all workers, regardless of their age. d. proceeds from the Medicare Trust Fund. e. a tax on the health insurance premiums pay by all group plans.
According to the figure shown:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive. A. there is no stable equilibrium to the game. B. both will act in their own self-interest and get a stable, but less than optimum, equilibrium. C. both will act in their own self-interest and get an optimum equilibrium that is stable. D. both have incentive to put forth high effort.