Which of the following is part of the market structure for monopolistic competition?
A) barriers to entry
B) a large number of firms compete
C) each firm produces a differentiated product
D) Both answers B and C are correct.
D
You might also like to view...
One major challenge of the Canadian National Health Insurance System is
a. there is more access to medical technology in Canada. b. The population density differences in the country. c. the monopsony power of the Canadian provincial health plans in negotiating fees with physicians' associations. d. the fact that there is no large inner-city population in Canada to drive up costs. e. all of the above.
A prisoner's dilemma can be described as a situation in which
a. a decision maker is uncertain about the potential punishment for something done in the past b. an individual decision maker finds it in his best interest to pursue a course of action that can lead to a less than desirable outcome for the group c. producers act so as to avoid maximizing profits because of government retaliation d. individual firms seeks to maximize their own profits with no regard for the group e. the summation of individual demand curves creates an inelastic demand curve facing the industry
Which of the following is an appropriate policy for the Fed to pursue if it wants to increase the money supply?
A) raise the reserve requirement B) raise the discount rate C) buy U.S. Treasury bills D) lower taxes
Refer to the below information and table. What will be the equilibrium economic rent per acre?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $100
B. $200
C. $300
D. $400