1 points

QUESTION 6

  1. Economists would describe the U.S. automobile

Question

1 points QUESTION 6

  1. Economists would describe the U.S. automobile

industry as:

  • A.purely competitiveB.an oligopolyC.monopolistically competitiveD. a pure monopoly
  • 1 points

    QUESTION 7

    1. According to economic theory, consumption is really only limited by
    2. A.utility
    3. B.substitution effect.
    4. C.budget constraint
    5. D.income effect.

    1 points

    QUESTION 8

    1. Monopolistic competition differs from perfect competition primarily in that, in monoplistic competition
    2. A.There are high barriers to entry.B.There are few sellers.C.Good are differentiated.D.Firms earn long run economic profits.

    1 points

    QUESTION 9

    1. The demand for good x is very inelastic (0.06). To increase total revenue in the short run, the company should probably:
    2. A.Increase price.B.Decrease price.C.Impossible to tell.

    1 points

    QUESTION 10

    Economics