The demand curve faced by a monopolistically competitive firm
a. is the same as the market demand curve
b. is less elastic than the one faced by firms in perfect competition
c. is perfectly elastic
d. is perfectly inelastic
e. has a constant slope
B
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A strategy is dominant if
A) it yields a greater payoff than any other player receives. B) it yields a payoff at least as large as that from any other strategy, regardless of the actions of other players. C) the player cannot gain by changing strategy, assuming that no other player changes strategy D) it is part of a Nash equilibrium.
Setting time limits on welfare eligibility will increase the incentive to work.
Answer the following statement true (T) or false (F)
The nation of Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing incense, exporting steel, and neither importing nor exporting rugs. We can conclude that Aquilonia's new free-trade policy has
a. increased consumer surplus and producer surplus in the incense market. b. increased consumer surplus in the steel market and left producer surplus in the rug market unchanged. c. decreased consumer surplus in both the steel and rug markets. d. decreased consumer surplus in the steel market and increased total surplus in the incense market.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.