Monopolistic competition is characterized by
a. one firm selling several products.
b. many firms selling the same product.
c. many firms selling slightly different products.
d. one firm selling one product.
c
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Transfer payments include
A) open market sales. B) Social Security. C) consumption taxes. D) dividends.
The MFC can be calculated by the
A) change in total wages/change in labor. B) total wages/total labor. C) change in labor/change in total wages. D) total wages/change in labor.
A relatively large increase in the cost of electricity would likely
a. result in a large increase in the use of gas for home use immediately. b. cause an immediate large decline in the use of electricity. c. increase the use of gas and decrease the use of electricity after a time lapse. d. cause an equal reduction in the use of electricity immediately.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.