There are a few firms selling differentiated products in a monopolistically competitive industry.
Answer the following statement true (T) or false (F)
False
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The Great Moderation describes the period
A) of relatively steady growth in real GDP between 1991 and 2008. B) of very slow growth in real GDP after 1990. C) between 2000 and 2008 when potential GDP did not increase. D) between 1990 and 2005 when real GDP grew significantly more slowly than did potential GDP. E) of relatively steady growth in real GDP after the year 2000.
Which of the following markets is likely to be perfectly competitive?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
An opportunity cost that occurs because of increased government spending is
A. Congressional disagreements. B. An increase in private sector investment. C. The crowding out of private sector output. D. The crowding in of public sector investment.
The figure above shows Ilene's budget line. The price of a can of cat food is $2. If the price of a can of cat food rises, her budget line will
A) rotate inward toward the origin. B) rotate outward away from the origin. C) shift leftward in a parallel manner. D) shift rightward in a parallel manner.