Of the following markets, which is most likely to be monopolistically competitive?
a. automobiles
b. corn
c. overnight package delivery
d. air travel between a small city and a larger one
e. fast food
E
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If a vineyard wants to raise funds to purchase a new bottling machine, it does so in the
A) output market. B) product market. C) factor market. D) alcoholic beverages market.
As the price of labor increases relative to the price of capital, the firm will move to a more labor-intensive production method to minimize costs
Indicate whether the statement is true or false
The problem of scarcity: a. exists because resources are limited relative to wants
b. exists because resources are unlimited relative to wants. c. can be eliminated through appropriate government intervention into markets. d. does not exist in communist societies.
Describe the policies a nation would follow to correct a current account deficit. What are the primary purposes of each type of policy?
What will be an ideal response?