Firms in monopolistic competition and perfect competition typically
a. are price takers
b. produce identical products
c. earn zero economic profit in the long run
d. face a downward-sloping demand curve
e. face an upward-sloping total revenue curve at all rates of output
C
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One of the strengths of a socialist economy, according to those who advocate such a system, is that government intervention will enable a more equitable distribution of income and therefore goods and services produced
a. True b. False Indicate whether the statement is true or false
The nominal interest rate tells you how fast the number of dollars in your bank account rises over time
a. True b. False Indicate whether the statement is true or false
During the early years of the Great Depression, a study of the money aggregates reveals that the money multiplier:
A. was at an all-time high. B. decreased. C. was constant from 1929 through 1936. D. increased from 1929 right through 1936.
A depreciation of the dollar will cause an increase in the Consumer Price Index
a. True b. False Indicate whether the statement is true or false