Monopolistic competition is different from perfect competition in that every manufacturer
a. has a small monopoly, and differentiates the product.
b. takes the product quality as given, and chooses price.
c. takes output level as given, but must choose price.
d. differentiates product, but cannot advertise successfully.
a
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In the economy of Talikastan in 2015, consumption was $600, exports were $300, GDP was $1300, government purchases were $250, and investment was $300 . What were Talikastan's imports in 2015?
a. -$150 b. -$200 c. $200 d. $150
Which of the following would be most appropriate for the measurement of differences in the average standard of living of people at different points in time? Select one:
a. Nominal GDP b. Real GDP c. Nominal per capita GDP d. Real per capita GDP
Refer to the graph showing the supply of books. A shift from S0 to S1 would most likely occur for what reason?
A. A decrease in the number of suppliers in the market B. A decrease in the cost of producing books C. An increase in the price of books D. An increase in taxes levied on producers of books