Monopolistic competition means
A) monopolies from several countries compete in the global market.
B) a large number of firms producing homogeneous products.
C) a large number of firms producing differentiated products.
D) few firms producing differentiated products.
C
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Loud music from a neighbor's party is
A) a negative externality whether or not you like it. B) a positive externality whether or not you like it. C) a positive externality if you like the music, and a negative externality if you don't. D) a negative externality if you like the music, and a positive externality if you don't. E) not an externality.
The following types of statistical inference are used throughout econometrics, with the exception of
A) confidence intervals. B) hypothesis testing. C) calibration. D) estimation.
Adam Smith developed the theory of comparative advantage as we know it today
a. True b. False Indicate whether the statement is true or false
If government adhered strictly to the idea of an annually balanced budget, then during a recession,
A. both expenditures and tax rates would have to be decreased. B. both expenditures and tax rates would have to be increased. C. expenditures would have to be increased and/or tax rates decreased. D. expenditures would have to be reduced and/or tax rates increased.