Perfect competition and monopolistic competition are similar in that firms in both types of market structure will
A) act as price takers.
B) produce a level of output where price equals marginal cost.
C) earn zero profit in the long run.
D) act as price setters.
C
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In the figure above, in which country do the highest-income 30 percent of households have the highest fraction of the nation's income?
A) Country A B) Country B C) Country C D) It is impossible to answer the question without more information.
Given the scenario described, if the market price of hammers increased from $8 to $14, total producer surplus would:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. increase from $8 to $14. B. increase from $1 to $12. C. decrease from $14 to $8. D. increase from $7 to $30.
Free trade can promote greater output because of the principle of comparative advantage
a. True b. False Indicate whether the statement is true or false
The functions carried out by the Federal Reserve Banks include
a. supervising member banks in their districts. b. serving as fiscal agents for the federal government. c. supplying money in the form of Federal Reserve notes. d. All of these.