The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because:

If the price of carrots is below the equilibrium price, the

A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.

Part-time workers are defined as people who are working

A) less than 20 hours per week. B) between 20 and 35 hours per week. C) less than 35 hours per week. D) more than 10 hours per week. E) fewer hours than they would want.

Most countries tend to follow only one price index to measure the price level in an economy because all prices rise or fall at the same time or by the same amount

a. True b. False Indicate whether the statement is true or false

When the price of a product rises, the increase in quantity supplied will generally be greater in the long run than the short run because

a. producers maximize short-run, not long-run, profits. b. over time, new firms will enter the industry and old firms will expand their operations in response to the price increase. c. consumers are less resistant to higher prices in the long run than in the short run because they have fewer options in the long run. d. consumer income will expand in the long run, causing resource prices to rise, which will induce producers to increase output.