The market for laundry detergent is monopolistically competitive because products differ by physical characteristics such as scent, stain fighting ingredients, etc.
Answer the following statement true (T) or false (F)
True
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Which of the following is likely to be nonexcludable but rival?
A) walking along a crowded hiking trail B) watching cable TV C) viewing flowers along the highway D) listening to a local radio station
The idea that expectations can affect the velocity of money is a critical factor in understanding
a. the Keynesian view of the quantity theory of money b. the classical view of the quantity theory of money c. the monetarist view of the quantity theory of money d. why GDP must increase when the price level increases e. why price changes cause inflation
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU GHzTotal BenefitMarginal BenefitTotal CostMarginal Costs2.0$1,000 $900 2.5$1,400 $1003.0 $300$1,200 3.5$1,900 $1,500 4.0$2,000 $400The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is:
A. $100. B. $300. C. $200. D. $400.
A form of oligopoly in which a dominant firm sets the price and all smaller firms in the industry follow the dominant firm's pricing policy is called
A. a cartel. B. the price-leadership model. C. the Cournot model. D. the contestable markets model.