Department stores are monopolistically competitive because stores differ in the amount of customer service they provide.
Answer the following statement true (T) or false (F)
True
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The economy's ability to coordinate economic activity is hindered by
A) auction prices. B) workers whose wages change quickly. C) sticky wages causing sticky prices. D) all of the above.
Which of the following is NOT conducive to the successful operation of a cartel?
A) Market demand for the good is relatively inelastic. B) The cartel supplies all of the world's output of the good. C) Cartel members have substantial cost advantages over non-member producers. D) The supply of non-cartel members is very price elastic.
A corporation has legal status like an individual citizen
a. True b. False Indicate whether the statement is true or false
Why are relative price changes important? (3)
What will be an ideal response?