Monopolistic competition is an industry market structure with
A. a single firm in which the entry of new firms is blocked.
B. a small number of firms each large enough to impact the market price of its output.
C. many firms each able to differentiate their product.
D. many firms each too small to impact the market price of its output.
Answer: C
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In Macroland, autonomous consumption equals 100, the marginal propensity to consume equals 0.75, net taxes are fixed at 40, investment is fixed at 50, government purchases are fixed at 150, and net exports are fixed at 20. Short-run equilibrium output in this economy equals:
A. 1,280. B. 1,000. C. 1,160. D. 1,440.
How has the growing popularity of factory outlet stores affected the market for clothing at retail department stores?
A) the supply curve for clothing at retail department stores shifts to the left. B) the demand curve for clothing at retail department stores shifts to the right. C) the supply curve for clothing at retail department stores shifts to the right. D) the demand curve for clothing at retail department stores shifts to the left.
Refer to Scenario 5.10. If Hillary invests 30 percent of her savings in the real estate project and remainder in Treasury bills, the standard deviation of her portfolio is:
A) 0 percent. B) 12 percent. C) 28 percent. D) 30 percent. E) 40 percent.
Marginal factor cost is
A) the change in the value of output from using an additional unit of the factor. B) the cost of an additional unit of output. C) the total value of factor cost divided by the one cost that is being held constant. D) the cost of using an additional unit of an input.