Unlike a monopolistically competitive firm's product, a monopolistic firm's product
A. has many close substitutes.
B. is homogeneous.
C. has no close substitutes.
D. has a vertical demand curve.
Answer: C
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Assume that the market for consumer gasoline is perfectly competitive. When one additional seller (gas station) enters the market,
A) then at least one other seller must exit the market. B) the price of gasoline increases. C) the price of gasoline is left unaffected. D) the price of gasoline decreases. E) None of the above is correct.
If you get a job and are required to join the union within a month, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.
Suppose quantity supplied increases from 16 to 24. Using the mid-point formula, the percentage change in quantity supplied is
A. 40% B. 0.4% C. 4% D. 40%
If the price of labor falls, we can expect
a. demand for labor will increase b. quantity demanded of labor will increase c. demand for labor will decrease d. quantity demanded of labor will decrease e. marginal labor cost to rise