Society benefits from monopolistic competition because the firms are allocatively efficient.
Answer the following statement true (T) or false (F)
False
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Explain the concept of diminishing returns
What will be an ideal response?
"When the price level increases, aggregate planned expenditure increases and equilibrium expenditure increases." Is the preceding statement correct or incorrect? Briefly explain your answer
What will be an ideal response?
Fragmented markets are those that are
a. functioning in relative isolation from each other b. separated by considerable distance c. functioning only some of the time d. easily destroyed by outside events e. none of the above
The text compares the macroeconomic performance of Great Britain and France immediately following Great Britain's departure from the ERM in 1992. What does it conclude?
A) The rate of growth of real GDP was higher in France than in Great Britain. B) The rate of growth of real GDP was lower in France than in Great Britain. C) The rates of growth of real GDP were equal in France and in Great Britain. D) GDP growth of both Great Britain and France increased dramatically after Great Britain withdrew from the ERM.