The ________ broadly we define a market, the less difficult it becomes to find ________.
A. more; goods independent of each other
B. more; substitutes
C. more; complements
D. less; substitutes
Answer: D
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Why does a firm in monopolistic competition earn zero economic profit rather than an economic profit in the long run?
What will be an ideal response?
The used car market has a significant amount of adverse selection because
A) the seller knows more about the car than the buyer. B) the buyer can easily find out more about the car than the seller. C) buyers and sellers rarely have enough information. D) the transaction costs of the used car market are prohibitive.
In the long run, command-and-control (CAC) regulations encourage firms to develop new technology to lower future emissions
a. True b. False Indicate whether the statement is true or false
Which of the following conditions distinguishes monopolistic competition from perfect competition?
a. number of sellers b. freedom of entry and exit c. perfect information d. homogeneity of the product