The women's dress industry is monopolistically competitive because each firm has
A) a large market share.
B) a very small market share.
C) no market share.
D) no competition for their market share.
E) struck a deal with the many other firms about what price will be charged.
B
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An individual with good job prospects who is between jobs is best considered as
A) structurally unemployed. B) cyclically unemployed. C) not in the labor force. D) frictionally unemployed.
Which of the following is the primary tool the Fed uses to control the supply of money?
a. the discount rate b. the reserve requirements c. open market operations d. the 30-year home-mortgage interest rate
If the rightward shift of the supply curve is greater than the leftward shift of the demand curve, the equilibrium price will ______ and the equilibrium quantity will ______.
a. rise; fall b. fall; rise c. rise; rise d. fall; fall
If demand is highly elastic and supply shifts to the right:
A. price will rise significantly as will quantity. B. price and quantity will hardly change at all. C. price will hardly change at all; quantity will rise significantly. D. price will fall significantly; quantity hardly changes at all.