If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will
A. become less elastic.
B. decrease.
C. increase.
D. not be affected.
Answer: B
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If the current exchange rate is 0.65 British pounds per dollar, what is the dollar price of one British pound? If the exchange rate changes to 0.70 British pounds per dollar, what is the new dollar value of one British pound?
What will be an ideal response?
Members of the Board of Governors
A) must resign when the President who has appointed them leaves office. B) may serve no more than three consecutive four-year terms. C) serve for life or good behavior. D) serve one nonrenewable fourteen-year term.
The costs associated with the negotiation and enforcement of an agreement are
A) property costs. B) resource factor costs. C) transaction costs. D) attorney fees.
Refer to Table 7.1 below. By what percentage does real annual expenditures in public elementary and secondary schools rise between 1980 and 1985? Between 2005 and 2010? What can be said about the rate of change?
