An example of a monopolistically competitive industry would be:
A. steel.
B. soybeans.
C. retail clothing.
D. electricity.
Answer: C
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The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. Suppose the marginal private cost of the 5th concert is $10,000. Then, for the 5th concert, the
A) marginal external cost equals $30,000. B) marginal social cost equals $30,000. C) marginal external cost equals the marginal private cost. D) marginal external cost equals $40,000. E) marginal external cost equals $10,000.
Jack just received a promotion at work and now works 50 hours per week instead of 35. As a result,
A) the unemployment rate increased. B) the labor force participation rate increased. C) the unemployment rate decreased. D) neither the unemployment rate nor the labor force participation rate changed.
If a society only cares about efficiency and not equity, then
A) all points on the contract curve yield the same level of social welfare. B) it will not rely on competitive markets to allocate goods. C) it will maximize the utility of its worst-off member. D) an equitable outcome is impossible.
Prior to World War II, the international financial system had operated on
a. a floating exchange rate system b. a managed exchange rate system c. a laissez-faire exchange rate system d. the gold standard e. the dollar standard