In a monopolistically competitive market, the consumer receives the benefit of
A) production at minimum average cost.
B) production where price equals marginal cost.
C) product differentiation.
D) allocative efficiency.
C
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The national concentration ratio
A) underestimates concentration for both the newspaper and the automobile industries. B) overestimates concentration for both the newspaper and the automobile industries. C) underestimates concentration for the newspaper industry and overestimates it for the automobile industry. D) overestimates concentration for the newspaper industry and underestimates it for the automobile industry.
The monopolistically competitive seller's demand curve will tend to become more elastic the:
A) smaller the number of sellers. B) greater the degree of product differentiation. C) larger the number of close competitors. D) more significant the barriers to entering an industry.
Which of the following is not a common property?
A) a city park B) a main street C) a public beach D) a movie screening
If actual inflation is less than the expected rate of inflation, then probably
a. the borrower gains at the expense of the lender. b. neither the borrower nor the lender gains. c. the lender gains at the expense of the borrower. d. the purchasing power of the borrower is increased.