Monopolistic competition is common in
A. retail selling.
B. farming.
C. basic manufacturing.
D. electric power generation.
Answer: A
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In the one-input model of production, increasing marginal product implies non-convexity of the producer choice set.
Answer the following statement true (T) or false (F)
Which of the following is not a problem for less-developed countries?
a. Poor health and nutrition. b. Shortages of labor. c. High unemployment rates. d. Low labor productivity. e. low life expectancy
Market failures
A. result in quantities and prices that are socially desirable. B. weaken the argument for government intervention in the economy. C. strengthen economic efficiency by forcing unprofitable firms to close. D. prevent the price system from attaining economic efficiency.
An implication of the taste-for-discrimination model is that:
A. discrimination can lower a firm's production costs. B. discrimination will move a firm along its declining average total cost curve. C. other things equal, nondiscriminating firms will have lower production costs than discriminating firms. D. other things equal, discriminating firms will have lower production costs than nondiscriminating firms.