Because powerplants use up a large amount of land and can causepollution, the city of West Jordan granted Rocky Mountain power as the exclusive electricity provider for the area. This market structure most closely resembles

A.Monopolistic competition

B.Oligopoly

C.Monopoly

D.Perfect competition

.If price drops from$5 per unit to$2 perunit, and the quantity produced remains the same

A.The producer has a perfectly inelastic supply curve

B.The producer has a unit elastic supply curve

C.The producer has an elastic supply curve

D.The producer has an inelastic price curve

Economics is best defined as the study ofhow:

A.to separate the executive from the legislature and the judiciary.

B.to change the class structure of an economy.

C.governments can influence the social structure.

D.individuals decide to use scarce resources in an attempt to satisfy their unlimited wants.