Which of the following is NOT a characteristic of monopolistic competition?
A) a large number of sellers in a highly competitive market
B) differentiated products
C) the existence of advertising
D) marginal cost pricing in the long run
Answer: D
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In 1929, the CPI equaled 0.171 and in 1930, the CPI equaled 0.167. These data provide evidence of a period of:
A. trade deficit. B. expansion. C. deflation. D. inflation.
The return-to-entrepreneurship curve is:
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
English common law is particularly effective because ________
A) it was derived from the Napoleonic codes of the period of industrialization B) it is the only system that provides protection for personal property rights C) it is able to evolve over time D) of the diverse character of the British Empire
Refer to the above table. If opportunity costs are constant, then the opportunity cost of producing good B in country X is ________, and the opportunity cost of producing good B in country Y is ________
A) 1 unit of A; 2 units of A B) 1 unit of A; 0.5 unit of A C) 1 unit of B; 2 units of A D) 1 unit of A; 0.5 unit of B