Monopolistic competition is common in
a. retail selling.
b. farming.
c. basic manufacturing.
d. electric power generation.
a
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If potential output for an economy equals $5 billion, and actual output equals $4.5 billion, then this economy has a(n):
A. trade deficit. B. expansionary gap. C. budget deficit. D. recessionary gap.
Liz loves to eat popcorn. Still, the more she eats, the less she wants each additional bite. Her marginal utility from popcorn is
A) diminishing. B) negative. C) increasing. D) zero.
The claim that lower environmental standards in foreign countries reduce industrial competitiveness for high standard countries is on firm theoretical ground because
A) higher environmental standards requirements raise the cost of production to a firm or industry abiding by the rules. B) there will be a race-to-the-bottom competition on environmental standards. C) the interests of firms that are subject to the high standards coincide with the nation's interests, one-for-one. D) environmental standards in most countries have gotten more lax over time.
The market demand for labor will be
A) insensitive to the wage rate in the short run. B) downward sloping. C) the inverse of the market demand for output. D) perfectly inelastic.