In a monopolistically competitive industry,
A. there is only one firm.
B. firms are small relative to the total market.
C. firms can be either large or small relative to the total market.
D. firms are large relative to the total market.
Answer: B
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Suppose that we find that student grades and time spent at parties move in opposite directions. A graph of the relationship between these two variables would curve
A) upward and be linear. B) upward and may be linear or nonlinear. C) downward and be linear. D) downward and may be linear or nonlinear.
The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
Which of the following firms operates in a natural monopoly?
a. Telephone company. b. Electric company. c. Water company. d. All of these.
Which of the following statements is true?
a. The national debt as a percentage of GDP is greater today than during any other period in our nation's history. b. A sizeable external national debt will transfer purchasing power away from foreigners to domestic citizens. c. Keynesian theory assumes a total crowding out effect associated with deficit spending. d. U.S. national debt is 12 times its size in 1980.