A good example of a monopolistic competitive industry is
A) the federal highway system.
B) wheat farms in the United States.
C) the country music industry.
D) the four major textbook publishers together with nearly 90 percent of industry sales.
Answer: C
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Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
Most tariffs around the world are collected on an ad valorem basis
Indicate whether the statement is true or false
Eli Whitney is most noted for
a. inventing the steam engine. b. inventing the cotton gin. c. inventing the technology for the first railroad engine. d. developing the Erie Canal.
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10. Considering the information in the table shown, if Jack's income to spend on these two items were to increase to $16:
A. he could afford to buy 16 popsicles and 8 ice cream cones. B. he could afford to buy either 16 popsicles or 8 ice cream cones. C. he could afford to buy 8 ice cream cones and 4 popsicles. D. None of these is true.