The theory of monopolistic competition was developed in two separate models by
A) Adam Smith and David Ricardo.
B) John Kenneth Galbraith and John Maynard Keynes.
C) Edward Chamberlin and Joan Robinson.
D) Roger Leroy Miller and Paul Samuelson.
Answer: C
You might also like to view...
Price fixing tends to result in ________ prices and ________ society's wealth
A) higher; increases B) higher; reduces C) lower; increases D) lower; reduces
Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?
A. Forest doesn't have to consider costs and benefits. B. Forest has to make trade-offs. C. Forest has unlimited resources. D. Forest is not required to make trade-offs because he is self-sufficient.
Suppose Suzanne allocates her spending on apples and bananas according to the rational spending rule. If the price of apples is less than the price of bananas, then at Suzanne's optimal consumption bundle, her marginal utility from apples will be:
A. greater than her marginal utility from bananas. B. equal to zero. C. less than her marginal utility from bananas. D. equal to her marginal utility from bananas.
In a mixed open economy, if aggregate expenditures exceed GDP:
A. I g + X + G = C a . B. C a + I g + X n + G < domestic output. C. I g > S. D. I g + X + G > S a + M + T.