1. Which of the following industry types typically has a FEW large producers? ...
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Accounting
1.
Which of the following industry types typically has a FEW large producers?
| A. | Pure competition | |
| B. | Monopolistic competition | |
| C. | Oligopoly | |
| D. | Pure monopoly |
2.
| A. | Pure competition | |
| B. | Oligopoly | |
| C. | Pure monopoly |
3. If you were a manager of a business selling RESTAURANT MEALS, what would happen to your GROSS REVENUES if you LOWERED the price of this product per meal?
| A. | Gross revenues would DECREASE if you lowered the price of each meal | |
| B. | Gross revenues would REMAIN THE SAME if you lowered the price of each meal | |
| C. | Gross revenues would INCREASE if you lowered the price of each meal |
4.
How is demand for INFERIOR goods (like generic macaroni and cheese) affected by a DECREASE IN INCOME (as is the case when the economy experiences a severe recession)? In a recession, the demand for generic macaroni & cheese
| A. | Decreases | |
| B. | Is NOT affected | |
| C. | Increases |
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