In a monopolistically competitive market, the demand curves faced by incumbent firms are unaffected by the entry of new firms into the market
a. True
b. False
Indicate whether the statement is true or false
False
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If the price of pork rinds falls, the substitution effect due to the price change will cause
A) an increase in the quantity of pork rinds demanded. B) a decrease in the quantity of pork rinds demanded. C) an increase in the demand for pork rinds. D) an increase in the demand for corn chips, a substitute for pork rinds.
Which of the following statements best describes the relationship between a stronger currency and exports?
a. A stronger euro discourages exports by a European firm because it makes the costs of production in the domestic currency higher relative to the sales revenues earned in another country. b. A stronger euro encourages exports by a European firm because it makes the costs of production in the domestic currency higher relative to the sales revenues earned in another country. c. A stronger euro discourages exports by a European firm because it makes the costs of production in the domestic currency lower relative to the sales revenues earned in another country. d. A stronger euro encourages exports by a European firm because it makes the costs of production in the domestic currency lower relative to the sales revenues earned in another country.
Implicit costs are
A. costs that are taken into consideration by accountants. B. the opportunity costs of using factors that a producer does not buy or hire but already owns. C. the costs of using factors that a producer hires or rents. D. costs that are variable in the short run and fixed in the long run.
Nations with single payer systems typically have
A. higher tax rates than exist in the U.S. B. better access to high-tech medical solutions than in the U.S. C. serious inequality in the access to basic care. D. lower life expectancies than in the U.S.