The clothing industry has many firms with differentiated products and no barriers to entry. The cereal industry has a few firms with either identical or differentiated products and moderate barriers to entry
The food industry is characterized as ________ and the cereal industry is characterized as ________. A) perfect competition; monopolistic competition
B) monopolistic competition; oligopoly
C) oligopoly; monopolistic competition
D) perfect competition; perfect competition
E) monopolistic competition; monopoly
B
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A perfectly competitive firm maximizes its economic profit when it produces the quantity that sets
A) MR = MC. B) TR = TC. C) MC =.AVC. D) MC = ATC.
Which of the following statements about the characteristics of debt and equities is TRUE?
A) They can both be long-term financial instruments. B) Bond holders are residual claimants. C) The income from bonds is typically more variable than that from equities. D) Bonds pay dividends.
Empirical evidence seems to suggest that there is _____ between education and education
a. a strongly positive link b. a weakly positive link c. no link d. a weakly negative link
Current thinking on the Phillips curve suggests that it would be best for policy makers to: a. focus on controlling unemployment. b. stimulate permanent shifts in aggregate supply
c. focus on controlling inflation. d. stimulate permanent shifts in aggregate demand. e. develop a two-pronged policy to control both unemployment and inflation.