A major characteristic of monopolistic competition is that prices will be
A. higher than in perfect competition.
B. lower than in perfect competition.
C. higher than in a true monopoly.
D. unrelated to the type of competition.
Why does a government place price ceilings, such as rent control, on some "essential" goods?
I choose C am I right?
A. to prevent the development of a black market
B. toencourage an increase in supply of necessary items
C. to limit the impact of equilibrium pricing
D. to help reduce demand for these goods
3 answers
Advances in technology have reduced the cost of manufacturing MP3 players. If demand does not change,
A. more MP3 players will be sold at a higher price.
B. fewer MP3 players will be sold at a higher price.
C. more MP3 players will be sold at a lower price.
D. fewer MP3 players will be sold at a lower price.
A. more MP3 players will be sold at a higher price.
B. fewer MP3 players will be sold at a higher price.
C. more MP3 players will be sold at a lower price.
D. fewer MP3 players will be sold at a lower price.
Suppose the market for the magazine is in equilibrium. Some students insist on raising the cover price by $1 and printing the same quantity. What is likely to happen?
A. The demand for the magazine will go up.
B. There will be a shortage of 150 magazines.
C. There will be a surplus of 100 magazines.
D. The surplus will be greater than their sales.
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A. The demand for the magazine will go up.
B. There will be a shortage of 150 magazines.
C. There will be a surplus of 100 magazines.
D. The surplus will be greater than their sales.
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2 answers