A monopolistically competitive firm chooses
A) the price of the product it sells but market forces determine the quantity it will be able to sell.
B) the price of the product it sells but the quantity of output to produce is agreed upon by all firms in the industry.
C) both the quantity of output to produce and the price at which it will sell its output.
D) the quantity of output to produce but the price of the product it sells is determined collectively by all firms in the industry.
A
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In the United States, of the following decades economic growth was most rapid during the ________
A) 1960s B) 1990s C) 1970s D) 2000s
In calculating income for the Lorenz curve, one factor that is omitted, is
A) capital gains income. B) dividend payments. C) in-kind transfer payments from the government. D) pure economic rent.
As a monopolist increases the quantity of output produced, what happens to price (P) and marginal revenue (MR)?
a. both P and MR remain constant b. P is constant, but MR decreases c. P decreases, but MR is constant d. both P and MR decrease, but P falls faster than MR e. both P and MR decrease, but MR falls faster than P
Suppose that Marlen Fisher has legal protection against anyone producing and selling a fishing lure specifically named "MarFish." This legal protection is most likely to be a:
A. trademark. B. restraining order. C. patent. D. copyright.