Which of the following firms is in a monopolistically competitive market?
A. Oral-B (a toothbrush manufacturer)
B. the U.S. Postal Service
C. Marlboro (a cigarette manufacturer)
D. United Airlines (an airline company)
Answer: A
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A monopoly is best defined as a firm that
A) produces a good or service for which no close substitute exists and which is protected by a barrier that prevents other firms from selling that good or service. B) purchases its resources from only one supplier because of a barrier preventing it from buying from other suppliers. C) produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service. D) cannot control the price it sets for its good or service because there is barrier that prevents the firm from changing the price.
In economics
A) costs are seen as all the previous opportunities B) costs are seen as the next best opportunity C) are measured in monetary units only. D) costs are only fixed.
The capital account records all international purchases and sales of stocks, bonds, real estate, businesses, and bank accounts
a. True b. False Indicate whether the statement is true or false
Which of the following most accurately states the importance of technology as a source of economic growth for less-developed countries?
a. Restraints imposed by the slow advancements in modern technology have severely constrained the growth of less-developed countries. b. If modern technology was the only requirement for economic growth, less-developed countries would be growing rapidly. c. Most less-developed nations have the necessary complementary factors of production to make good use of modern technology if they could just afford the complex machines. d. While modern technology has increased the income levels in less developed countries, it has been unable to improve living standards.