A monopolistically competitive firm will
A) always produce at the minimum efficient scale of production.
B) have some control over its price because its product is differentiated.
C) produce an output level that is productively and allocatively efficient.
D) charge the same price as its competitors do.
B
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The government program that provides aid to families in need is
A) TANF. B) Social Security program. C) Supplemental Security Income program. D) Earned Income Tax Credit.
In terms of their economic effects, which of the following policies toward pollution are most similar to one another?
a. regulation and corrective taxes b. regulation and tradable pollution permits c. corrective taxes and tradable pollution permits d. All of these policies produce the same economic effects.
The local residential electrical power industry can be best modeled using the model of
A. oligopoly. B. perfect competition. C. monopolistic competition. D. monopoly.
The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the data. Creamy Crisp's total revenues exceed its total costs, including a normal profit, by: A. $150,000. B. $94,000. C. $80,000. D. $230,000.