Monopolistic competition is best described as
a. many firms with some control over price, and some product differentiation
b. many firms with no control over price, producing identical products
c. a few firms with some control over price, producing highly differentiated products
d. a few firms with no control over price, producing similar products
e. a single firm producing all of the output for the industry, with strong control over price
A
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If Australia purchases $200,000 of oil from Saudi Arabia, this would mean ________.
A. Australia's balance of payments is $200,000 B. there is a credit in Australia's current account C. the change in Australia's capital and financial accounts must be zero D. the sum of the financial and capital accounts in Australia must increase by $200,000
The money supply, as measured by M1, consists almost entirely of currency
Indicate whether the statement is true or false
Government regulations
A) have no impact on supply. B) only change the quantity supplied, not the supply curve. C) are generally ineffective due to lobbying by suppliers. D) can change both quantity supplied as well as the supply curve.
New Phone ShorTech, is a smaller company that makes of knockoff consumer electronic devices including its Quadrant mobile phone. Sales had been doing okay for a number of months before ShorTech launched a massive advertising campaign in which it shows
that its phone can do just about everything the industry leader phone can do. What change in pricing would you suggest for the Quadrant phone concurrent with the campaign?