The monopolistically competitive seller's demand curve will tend to become more elastic the:
A) smaller the number of sellers.
B) greater the degree of product differentiation.
C) larger the number of close competitors.
D) more significant the barriers to entering an industry.
C
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The U.S. and other industrializing nations depended heavily on international trade
Indicate whether the statement is true or false
What is the difference between revenue and cost?
A. Input B. Production C. Output D. Profit
The government component (G) of total output includes goods and services purchased by
A. the federal government plus transfer payments. B. all government institutions plus transfer payments. C. all government institutions. D. all government institutions plus tax revenues.
If the demand for computers increases as consumers' incomes rise, then computers are:
A. a complementary good. B. an inferior good. C. a substitute good. D. a normal good.