Restaurants, video rental stores, clothing stores, and music stores are examples of industries in which firms differentiate their products by offering them at more locations. This is an example of a(n) ________ market.
A. perfectly competitive
B. monopoly
C. monopolistically competitive
D. oligopoly
Answer: C
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How do we calculate the effects of real GDP on consumption expenditure and imports by using the marginal propensity to consume and the marginal propensity to import?
What will be an ideal response?
Which of the following is not a part of the scientific method in economics?
a. normative statements b. comparing predictions to evidence c. formulating a hypothesis d. a hypothesis e. behavioral assumptions
Which of the following is not a coincident indicator of the business cycle?
a. Unemployment claims b. Payroll employment c. Industrial production d. Personal income e. Manufacturing and trade sales
Unit excise taxes imposed on gasoline are
A. shared equally between the producer and the consumer. B. largely paid by the producers because gasoline is a necessity. C. largely paid by consumers because they are not very responsive to price changes. D. paid by the wholesalers of these products.