Monopolistic competition and perfect competition are similar in that each market structure is characterized by
A) advertising.
B) production at minimum average cost in the long run.
C) a horizontal demand curve.
D) the absence of long-run economic profits.
D
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Junkfood Jill spends all of her income on jellybeans and cola. Suppose that Jill's income is $30, the price of a bag of jellybeans is $6, and the price of a bottle of cola is $2
If bags of jellybeans are graphed along the vertical axis and bottles of cola are graphed along the horizontal axis, what is the slope of the budget line? A) 3 B) -3 C) 1/3 D) -1/3
Between 2008 and 2009, U.S. real GDP decreased from $13.2 trillion to $12.9 trillion. As a result, the real demand for money ________ and the demand for money curve ________
A) decreased; shifted leftward B) did not change; did not shift C) increased; shifted leftward D) decreased; shifted rightward.
If government did not individual rights, the efficiency of a market economy_____
a. would decline b. would be about the same c. would increase d. could possibly decline or possibly increase
Between 1810 and 1860, the value of slaves in the United States
a. nearly doubled. b. tripled. c. increased nearly fourfold. d. increased nearly tenfold.