The primary difference between monopolistic competition and perfect competition is:
A. Both the ease of entry and exit into the industry and the number of firms in the market are correct.
B. the number of firms in the market.
C. the ease of entry and exit into the industry.
D. None of the answers is correct.
Answer: D
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When total revenue and price are inversely related, demand is
A) unit-elastic. B) inelastic. C) elastic. D) not related.
Which of the following would not shift the demand for pounds curve to the right?
a. An increase in real U.S. GDP. b. A decrease in U.S. interest rates. c. A decrease in real U.S. GDP. d. An increased taste for British goods by Americans. e. None of the above.
Marginal utility is the change in
a. total utility when an extra unit of output is produced. b. total utility when an extra unit of output is consumed. c. marginal utility when an extra unit of output is produced. d. average utility when an extra unit of output is consumed.
Which of the following phrases best captures the notion of efficiency?
a. absolute fairness b. equal distribution c. minimum waste d. equitable outcome