One way that perfect competition and monopoly differ is that in
A. perfect competition, there is only one firm in the industry.
B. perfect competition, there is a difference between firm and industry demand.
C. monopoly, the firm produces less than the total market quantity supplied.
D. monopoly, there is a difference between firm and industry demand.
Answer: B
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According to the law of demand, an increase in the price of baseball trading cards causes:
A. baseball trading cards to grow in abundance. B. the scarcity of baseball trading cards to increase. C. people to buy fewer trading cards. D. people to buy more trading cards.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
How does the decreasing use of traditional cameras affect the market for traditional camera film?
A) The demand curve for traditional camera film shifts to the right. B) The quantity of traditional camera film demanded decreases. C) The quantity of traditional camera film demanded increases. D) The demand curve for traditional camera film shifts to the left.
Energy conservation is a shift in economic activities to make the use of energy less costly.
Answer the following statement true (T) or false (F)