Monopolistic competition is different from perfect competition because monopolistic competitors produce
a. a homogeneous product
b. a homogeneous but unique product
c. identical products
d. differentiated products
e. products similar to those produced by a monopoly
D
You might also like to view...
When a demand curve is expressed in log-linear form, such as log(Q) = a - b log(P) + b2 log(P2) + c log(I), the coefficients of the demand determinants correspond to:
A. changes in determinants other than price. B. the parameters that may fluctuate in value. C. the independent variables in the model. D. the elasticity values of those determinants.
When the wage was $10 per hour, a group of workers supplied 30 hours of work per week on average. The wage then increased to $12 per hour, and the same group of workers supplied 33 hours of work per week on average. What is the elasticity of labor supply for this group of workers?
A. 1.0 B. 2.0 C. 1.5 D. 0 E. 0.5
A leftward shift of a supply curve is called a(n):
A. decrease in quantity supplied. B. increase in supply. C. decrease in supply. D. increase in quantity supplied.
____ is the rate that applies when banks borrow and lend reserves to one another.
A. The repo rate B. The discount rate C. The coupon rate D. The federal fund rate