The demand curve in the figure above illustrates the demand for a product with
A) zero price elasticity of demand at all prices.
B) infinite price elasticity of demand.
C) unit price elasticity of demand at all prices.
D) a price elasticity of demand that is different at all prices.
A
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Which of the following statements is not correct?
a. Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. b. Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. c. Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. d. Both monopolistic competition and perfect competition are characterized by product differentiation.
The law of increasing opportunity cost implies that
A. producing additional units of one good results in proportionately smaller reductions in output of the other good. B. the production possibilities curve will be a straight line. C. the society will be producing on its production possibilities curve. D. producing additional units of one good results in increasing amounts of lost output of the other good.
A patent is the legal right granted to a firm that allows it to:
A. Make copies of other firm's products B. Be the sole buyer of a particular product or resource C. Sell its new product exclusively for a set number of years D. Be the exclusive distributor of a particular imported product