What is monopolistic competition?
a. Many companies selling similar but not identical products.
b. A very few companies selling identical products.
c. One company sells several different products under different names.
d. One company sells the identical product under different names.
Ans: many companies selling similar but not identical products
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"If the price of a ticket to Sea World exceeds the marginal cost of the ticket by $13, a producer surplus exists for Sea World." Is this statement true or false?
What will be an ideal response?
Compared to the natives of Northern America, ownership of private property rights was
(a) more common to the Europeans than it was to the natives (b) more common to the Indians than to the Europeans. (c) the same. (d) of no value to either group.
Which of the following is NOT a possible resolution of externalities?
a. Coasian bargaining b. regulatory directives c. taxes and subsidies d. cap and trade e. all of the above are possible resolutions of externalities
Price discrimination increases producer surplus for a monopolist
Indicate whether the statement is true or false