What is the defining characteristic of imperfect competition?()
A: The
firms are subject to government regulation.
B: The
firms have some degree of market power.
C: The
firms choose to collude.
D: The
firms act like a cartel.
A: The
firms are subject to government regulation.
B: The
firms have some degree of market power.
C: The
firms choose to collude.
D: The
firms act like a cartel.
举一反三
- In perfect competition, ________. A: there are restrictions on entry into the market B: firms in the market have advantages over firms that plan to enter the market C: only firms know their competitors' prices D: there are many firms that sell identical products
- Which of the following correctly describes an oligopoly? A: A single firm has all of the market power. B: Several firms have market power and there is free entry and exit. C: Several firms have market power and there are barriers to entry. D: Several firms take the price as given and there is free entry and exit.
- The<br/>invisible hand refers to() A: how central planners made economic<br/>decisions. B: how the decisions of households and firms<br/>lead to desirable market outcomes. C: the control that large firms have over the<br/>economy. D: government regulations without which the<br/>economy would be less efficient.
- Refer to Figure 12.1. Assume the firms have formed a cartel. If the cartel is maximizing profits, the cartel's profits are:
- Because economic profits are eliminated in the long run in monopolistic competition, to make an economic profit, firms continuously develop and market new products。(<br/>)