The market for novels is
a. perfectly competitive.
b. a monopoly.
c. monopolistically competitive.
d. an oligopoly.
c
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The discount rate is the interest rate that: a. banks charge on large loans
b. banks charge on loans to other banks. c. the Fed charges on loans to branches of the U.S. government. d. the Fed charges on loans to depository institutions. e. the Fed charges on loans to the public.
During the first four years of the Great Depression, the price level fell an average of 10 percent per year
a. True b. False
Textile workers in the U.S. complain that they cannot compete with low cost foreign textile producers. While some U.S. textile workers may lose their jobs, an advantage is
a. the U.S. gets cheaper textiles b. U.S. imports will become more expensive so U.S. domestic producers gain c. workers in other countries will buy more U.S. clothing exports d. the U.S. can retaliate and its exporting strength is greater e. the U.S. can dump its textiles on other markets without fearing retaliation because U.S. textiles are made with high cost labor
Using a graph, explain why the law of supply holds for a competitive firm.
What will be an ideal response?