Entry into a monopolistically competitive industry
A) is relatively easy.
B) is very difficult.
C) can be easy or difficult, depending on the type of product.
D) is about the same as entering a monopoly industry.
Answer: A
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In the above figure, suppose the quantity produced is 40. Then
A) the marginal social cost of the 40th unit is $1. B) the willingness to pay for the 40th unit is $2, the equilibrium price. C) production is not efficient because MSB > MSC. D) production is not efficient because MSC>MSB.
Explain what social overhead capital is
What will be an ideal response?
Under U.S. law, foreign ________ is (are) illegal in U.S. markets
A) dumping and export subsidies B) dumping only C) export subsidies only D) None of the above are illegal
When a tariff is imposed on an imported good, the prices of the similar products produced within the country also increase.
Answer the following statement true (T) or false (F)