Which of the following elements are involved in monopolistic competition?
a. difficult entry, many sellers, identical products; significant brand loyalty
b. easy entry, many sellers, product differentiation; significant brand loyalty
c. easy entry, few sellers, identical products; little brand loyalty
d. difficult entry; few sellers; product differentiation; little brand loyalty
b. easy entry, many sellers, product differentiation; significant brand loyalty
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Private investment spending escalated during the post-World War II era (1945–50)
Indicate whether the statement is true or false
Both tariffs and quotas result in fewer imports being sold in a country
Indicate whether the statement is true or false
The income effect of a price change is the change in consumption that results from the movement to a new indifference curve
a. True b. False Indicate whether the statement is true or false
Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input, labor. Columns 2 and 3 represent the demand function facing the monopolist over this range of output: 
How much does the fifth unit of labor add to the firm's total revenue?
A. $150 B. $4,560 C. $80 D. $1.875 E. none of the above