Under ________ there are many firms selling identical products
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
A
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The recession of 1990-1992 ________ the trend set over 1965-1990 of ________ unemployment rates at each successive cyclical trough
A) continued, lower B) continued, higher C) broke, lower D) broke, higher
Graphically, how does a monopolistically competitive firm determine its profit-maximizing price?
A) It accepts the price set by the industry-wide forces of supply and demand. B) Graphically, it finds the place where MR = MC and charges the price directly to the left of that point. C) The firm's pricing structure is set by government regulators. D) The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity.
_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply
Comparative advantage is the ability, compared with another producer
A. to produce an additional unit of a product at lower opportunity cost. B. to produce a higher-quality product with fewer resources. C. to use fewer inputs to produce the same amount of a product. D. to produce more of a product with the same resources.