A monopolistic competitor would face a demand curve with a
A) positive slope.
B) negative slope.
C) constant slope.
D) slope equal to 0.
B
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If the economy is in equilibrium with real GDP less than potential GDP, there is ________ gap and a fiscal policy that ________ is appropriate
A) an inflationary; increases aggregate demand B) an inflationary; decreases aggregate demand C) a recessionary; increases aggregate demand D) a recessionary; decreases aggregate demand E) a recessionary; increases potential GDP
As output rises, AFC gets ________________.
Fill in the blank(s) with the appropriate word(s).
If the opportunity cost of producing a good domestically is less than the opportunity cost of purchasing it on the world market, a country can gain by
A. decreasing production and increasing exports. B. decreasing production and increasing imports. C. increasing production and decreasing imports. D. increasing production and decreasing exports.
The U.S. negative balance of trade was almost ________ in 2008.
A. $200 billion B. $400 billion C. $600 billion D. $800 billion