Examples of monopolistically competitive markets include the markets for
a. restaurants and furniture.
b. wheat and corn.
c. postage stamps and wooden pencils.
d. All of the above are correct.
a
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Government's use of eminent domain is a solution to
A) the problem of negative externalities. B) potential monopolization of a market. C) the holdout problem. D) the free-rider problem.
When the economy enters a recessionary phase of the business cycle, unemployment tends to
A) be unchanged. B) increase. C) decrease. D) change in the same direction as the rate of inflation.
A persistently declining price level resulting from economic growth and unchanged aggregate demand is called
A) demand-side deflation. B) supply-side deflation. C) ozian deflation. D) secular deflation.
The Endangered Species Act is an attempt to
A) protect endangered species against greedy loggers, farmers, and business people. B) protect endangered species from the overzealousness of many environmentalists. C) protect species endangered because there are no private property rights on them. D) prevent some people from earning a good living.