Which of the following is an accurate statement about monopolistic competition?
a. If the amount of business was concentrated in fewer sellers, the price would be less.
b. If the amount of business was concentrated in fewer sellers, the price would remain constant.
c. If the amount of business was expanded to more sellers, the price would be less.
d. If the amount of business was expanded to more sellers, the price would remain constant.
a. If the amount of business was concentrated in fewer sellers, the price would be less.
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Which of the following is not classified as a capital input?
a. A John Deere factory. b. A Hewlett-Packard laser printer. c. A cement mixer. d. 500 shares of General Motors stock.
When a U.S. company makes a $200,000 donation to the International Red Cross to help the victims of an earthquake in India, the transaction is recorded in the
A) current account. B) one-way donations account. C) international help account. D) capital and financial account. E) official settlements account.
The tragedy of the commons was avoided in the Middle Ages by
A) the government which imposed a tax for the use of the commons. B) the local police who monitored entry into the commons. C) social pressure to uphold traditionally accepted limits on family use of the commons. D) selling common grounds to individuals.
An industry characterized by only a few firms in the market is called: a. a monopoly
b. monopolistic competition. c. an oligopoly. d. perfect competition.