The key feature of monopolistic competition is
A) interdependence of the firms.
B) lack of advertisement.
C) product differentiation.
D) the small number of firms in the industry.
Answer: C
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Households play what role(s) in the circular flow diagram?
a. purchasers of factors of production and sellers of services b. purchasers of factors of production and sellers of goods c. purchasers of goods and services only d. purchasers of goods and services and sellers of factors of production e. purchasers of factors of production only
How does a market demand curve differ from an individual demand curve?
a. It forms a triangle. b. It is inverted. c. It has steps. d. It is smoother.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Subsidies paid to the health care industry for Medicare patients are paid by
A) Congress. B) the Teamsters union. C) current taxes. D) the Federal Reserve.