An industry in which many firms produce similar products but each firm has significant brand loyalty is known as:
A.) Perfect competition.
B.) A monopoly.
C.) Monopolistic competition.
D.) An oligopoly.
C.) Monopolistic competition.
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The market for cigarettes likely has a:
A. highly elastic demand. B. slightly elastic demand. C. highly inelastic demand. D. slightly inelastic demand.
The data on U.S. growth rates during the last half of the 20th century suggest that when the saving rate increases,
a. the rate of growth can increase or decrease depending on the phase of the businesscycle the economy is in b. the rate of economic growth increases c. the rate of economic growth decreases d. the rate of economic growth is unaffected e. countercyclical fiscal policy is neutralized
A business firm's profitability is based in part on the
A) prices of their nonlabor inputs. B) productivity of their workers. C) wage rates they must pay their workers. D) business taxes they must pay. E) all of the above
Supply-side economics is the school of thought that advocates the use of
A) monetary policy to stimulate long-run aggregate supply. B) fiscal policy to stimulate long-run aggregate demand. C) monetary policy to stimulate short-run aggregate demand. D) fiscal policy to stimulate long-run aggregate supply.