The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly.
B) an oligopoly because a few other firms provide delivery of letters and packages.
C) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging.
D) monopolistic competition, because mail delivery is a differentiated product provided by many firms.
Question 2
The word util has been used by economists in the past as an objective measure of utility. Today economists believe that
A) the util truly is an objective, rather than a subjective, measure of utility.
B) utility can be measured objectively because people can use prices of different goods to measure utility.
C) utility cannot be measured objectively.
D) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
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