Nonprice competition in monopolistically competitive markets results in
A. consumers buying the product with the lowest price in a differentiated market.
B. less advertising and product differentiation than in markets without nonprice competition.
C. rivalry among competing firms based on the characteristics that differentiate their products.
D. price equaling the minimum average total cost in long run equilibrium.
Answer: C
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Protectionism
Which of the following most accurately describes the changes in the heights of adult, white males?
a. Since 1700, heights have increased steadily. b. There were small cyclical changes in height until about 1900, and since then heights have increased very rapidly. c. During the history of the US heights have been relatively constant. d. Height increased substantially until shortly after the Civil War, and has been relatively stable since then.
Refer to the graph shown. In the graph, an inflationary gap exists if the price level is:
A. P0 and the aggregate demand curve is AD0. B. P1 and the aggregate demand curve is AD0. C. P1 and the aggregate demand curve is AD1. D. P0 and the aggregate demand curve is AD1.
If Samantha quits her job voluntarily and actively searches for other work, then she is considered
A. not to be unemployed. B. structurally unemployed. C. frictionally unemployed. D. cyclically unemployed.