In setting the price of its product, a monopolistic competitor sets the price equal to its marginal cost plus an amount called the
A. menu cost.
B. rent.
C. profit.
D. markup.
Answer: D
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Some governments have adopted statutes that require, under certain circumstances, payment greater than fair market value be paid to property owners for property seized through eminent domain
Indicate whether the statement is true or false
An important determinant of the price elasticity of supply is
A) whether the good is a durable or a nondurable. B) the time period firms have to adjust to a new price. C) how well consumers like the commodity. D) the proportion of the consumer's total budget spent on the good.
The difference between a change in quantity demanded and a change in demand is that a change in:
a. quantity demanded is caused by a change in a good's own current price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations. b. demand is caused by a change in a good's own current price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations. c. quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy. d. A change in demand and a change in quantity demanded are the same thing.
The term "cash transfer" means " cash or outright benefits given to individual as outright grants from the government?
A) True B) False