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
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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.
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.
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.
Which of the following expenditures are not included in the consumption component of GDP?
What will be an ideal response?