Monopolistically competitive firms offer consumers more variety than perfectly competitive firms.
Answer the following statement true (T) or false (F)
True
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What will be the effects of an increase in real output on the interest rate?
What will be an ideal response?
The situation in which buyers are able to affect the price of a good is referred to as ________ power
A) monopoly B) purchasing C) monopsony D) countervailing
A tax on cigarettes will have the effect of properly dealing with the externality unless the tax
A. is so high that it generates a black market. B. causes people to use smoke less. C. is lower than the marginal external costs. D. is lower than the marginal external costs, or it is so high that it generates a black market.
Refer to the table below. At the $3 price for labor the most efficient technique will result in an:
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
A. Economic loss of $2
B. Economic profit of $l
C. Economic profit of $2
D. Economic profit of $3