The two economists associated with the development of the theory of monopolistic competition were
A. Carl Menger and Eugen Von Bohm-Bawerk.
B. John Neville Keynes and John Maynard Keynes.
C. David Hume and Adam Smith.
D. Joan Robinson and Edward Chamberlin.
Answer: D
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To maintain free international flows of capital and domestic monetary autonomy, in most of the world today, exchange rates are __________ . One of the major exceptions is ___________
Fill in the blank(s) with the appropriate word(s).
Last year the imaginary country of Basova had a population of 10,000, 6,000 people worked 8 hours a day, and produced a real GDP of $30,000,000 . The imaginary country of Andovia had a population of 12,000, 8,000 people worked 8 hours a day, and produced a real GDP of $38,000,000 . Which of the following is correct?
a. Basova had higher productivity and higher real GDP per person. b. Andovia had the higher productivity and higher real GDP per person. c. Basova had the higher productivity while Andovia had the higher real GDP per person. d. Andovia had the higher productivity while Basova had the higher real GDP per person.
Explain the difference between fixed costs in the short run and in the long run.
What will be an ideal response?
Adam Smith used the metaphor of the "invisible hand" to explain how:
A. markets mismatch buyers and sellers. B. business owners are benevolent. C. people acting in their own self-interest promote the interest of society as a whole. D. the production possibilities frontier illustrates efficient outcomes.