A monopolistically competitive industry has
A. a differentiated product and barriers to exit and entry.
B. a differentiated product and ease of exit and entry.
C. identical products and barriers to exit and entry.
D. identical products and ease of exit and entry.
B. a differentiated product and ease of exit and entry.
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Ricky is in a consumer equilibrium. Given the prices of goods, Ricky has allocated all his income such that his marginal utility per dollar spent is ________ for ________ goods
A) as small as possible; all B) equal; all C) equal; normal D) maximized; all
Tariff levels in developing countries tend to be ________ tariff levels in developed countries
A) lower than B) about equal to C) higher than D) there is no general pattern
When quantity supplied equals quantity demanded:
A. equilibrium is reached. B. the market forces push the economy to produce more. C. the market forces push the economy to produce less. D. the market forces cease to function.
Which of the following is motivated by an efficiency concern?
A) In 2009, the Obama administration increased unemployment benefits. B) As part of an economic stimulus package, each taxpayer received a $3,000 tax rebate check. C) Following a six-month drought, a city banned homeowners from watering their lawns in an effort to conserve water. D) Some U.S. colleges have cut back on merit scholarships since these programs siphon money from need-based programs, thus harming lower-income students with greater financial need.