Describe the shape of the monopolistically competitive firm's demand curve
downward sloping
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Bob's Books is the only bookstore in town. The figure above shows the demand curve for books and Bob's Books' marginal revenue curve and marginal cost curve
Bob's Books maximizes its profit and sets the price of a book equal to ________ and has total annual revenue of ________. A) $40; $40,000 B) $30; $60,000 C) $20, $60,000 D) $10; $40,000
Economists found evidence of discrimination in each of the following markets except
a. 1960s baseball games b. baseball cards c. live basketball games in the 1980s d. current era baseball games
In which of the following U.S. occupations is the rate of unionization the lowest?
A. Transportation workers. B. Teachers. C. Legal workers. D. Sales workers.
Which of the following statements is not true for a command economy?
A. The government decides what is produced. B. The amount of a good supplied always equals the amount of the good demanded. C. Consumers have some choices concerning what they buy. D. The state decides how to distribute what is produced.