If new firms enter a monopolistically competitive industry, an individual firm's demand curve will _____________ (increase/decrease).
Fill in the blank(s) with the appropriate word(s).
decrease
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If two goods, "x" and "y", are perfect substitutes, then which of the following best represents the utility function for the two goods?
A) U = x + y B) U = x ? y C) U = x2 + y2 D) Any of the above.
Monopolies charge
a. the highest possible price b. a price determined by cost c. the price consistent with the output level where total revenue equals total cost d. the price associated with the quantity at which marginal revenue equals marginal cost e. the price at which total revenue equals average total cost
In the Kyoto Protocol, participating nations agreed to
A) trade carbon-dioxide permits. B) eliminate all emissions of greenhouse gases by 2020. C) reduce their overall emissions of greenhouse gases between 1997 and 2020 to as much as 20 percent below 1990 levels. D) buy greenhouse gas emission permits from developing nations.
If the MRP of labor decreases, labor:
A. demand will decrease. B. demand will increase. C. supply will increase. D. supply will decrease.