Monopolistic competition is considered by some to be inefficient because price exceeds marginal cost. ( )
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Which of the following firms is the closest to being a perfectly competitive firm? ( )
A hot dog vendor in New York.
B. Microsoft Corporation.
C. Ford Motor Company.
D. The campus bookstore.
What causes the tragedy of the commons? ( )
A. Social and private incentives differ.
B. Common goods are nonrival and nonexclusive.
Common goods are nonexclusive, but rival.
D. Both A and C are correct.
A television signal is an example of ( )
A. a private good
B. a nonrival good.
C. a social good.
D. a normal good.
Most markets are not monopolies in the real world because ( )
A. firms usually face downward-sloping demand curves.
B. supply curves slope upward.
C. price is usually set equal to marginal cost by firms.
D. there are reasonable substitutes for most goods.
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