In a monopolistically competitive market, there:
A. are many firms selling an identical product.
B. is only one firm that sells many similar yet slightly different products.
C. are many firms that have slight control over the price they charge for their product.
D. are substantial barriers to entry.
Answer: C
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Refer to the table above. What is the average variable cost of producing 86 units of the good?
A) $30 B) $0.35 C) $2.1 D) $10
A rise in price will always result in an increase in the total amount that consumers spend on a product.
Answer the following statement true (T) or false (F)
Which of the following is true of depository institutions? a. Depository institutions seek to maximize profits
b. Depository institutions do not seek to maximize profits. c. Depository institutions do not make loans. d. Depository institutions make loans. e. Depository institutions receive funds primarily through customer deposits
If a product is a normal good, then its income elasticity of demand is
A) zero. B) positive. C) negative. D) indeterminate. E) greater than 1.