Monopolistic competition describes a market with:
A. few firms that sell goods and services and some barriers to entry.
B. many firms that sell goods and services that are standardized.
C. many firms that sell goods and services that are similar, but slightly different.
D. few firms that sell goods and services that are standardized.
C. many firms that sell goods and services that are similar, but slightly different.
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Opportunity cost cannot be measured in money terms, only in conceptual terms.
Answer the following statement true (T) or false (F)
Specialization in trade will be economically efficient if it is based upon
A. national security needs. B. comparative advantage. C. absolute advantage. D. government regulations.
If nations begin to specialize in production for the purpose of trade,
a. the utility from consumption will increase, but not the total output. b. total world output will increase, as well as well being from consumption. c. total world output will increase, but well being from consumption will not. d. neither total output nor well being from consumption will change. e. the impact on total output and well being cannot be predicted.
Deciding how to make the best use of limited resources to satisfy virtually unlimited wants is known in economics as
a. economizing behavior. b. the fallacy of composition. c. ceteris paribus. d. the fallacy that good intentions do not guarantee the desired outcome.