In which type of market would we expect the greatest social welfare? a.Oligopoly b.Monopolistic competition c.Perfect...
In which type of market would we expect the greatest social welfare?
a.Oligopoly
b.Monopolistic competition
c.Perfect competition
d.Monopoly
If marginal cost of producing another unit is below the average total cost of producing another unit, what must be true?
a.Marginal cost is declining
b.Average total cost is declining
c.Average variable cost is declining
d.There are increasing returns to scale
Which of the following is not a dimension of market structure discussed in class?
a.barriers to entry
b.the distribution of consumer preferences
c.number of firms in the market
d.standardization of the good or service
Homework Answers
C Perfect competition because producer surplus and consumer surplus is the maximum in this type.
D there are increasing returns to scale and goods and be produced till both are equal
B distribution of consumer preference because it doesn't define market structure and only determines consumer choices
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