Author Question: A market structure in which many firms are selling an identical product is called A) perfect ... (Read 131 times)

justinmsk · **on:** Jun 29, 2018

A market structure in which many firms are selling an identical product is called

A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.

Question 2

The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid 100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?

A) 200
B) 300
C) 400
D) 500