Most economists believe that consumers would be better off if markets were perfectly competitive rather than monopolistically competitive

Indicate whether the statement is true or false


FALSE

Economics

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The best alternative use of a resource is referred to as its:

A) sunk cost. B) market price. C) marginal utility. D) opportunity cost.

Economics

The reason that opportunity costs arise is that

A. people have unlimited wants. B. there are no alternative decisions that could be made. C. an economy relies on money to facilitate exchange of goods and services. D. resources are scarce.

Economics

Suppose there is an increase in government spending. To stabilize output, the Federal Reserve would

a. increase government spending. b. increase the money supply. c. decrease government spending. d. decrease the money supply.

Economics

Which of the following expenditures are not included in the consumption component of GDP?

What will be an ideal response?

Economics