Which of the following observations is true?
a. Monopolistically competitive sellers are price takers
b. Monopolistically competitive sellers treat price in the same manner as in perfect competition.
c. Monopolistically competitive sellers regard price as a given by market conditions.
d. Monopolistically competitive sellers are price makers.
d
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Which of the following is likely to cause a right shift in the supply curve for labor?
A) An increase in the population B) A decrease in the population C) An increase in the price of the final good that the workers produce D) A decrease in the price of the final good that the labor is used to produce
Total utility is constant along a given indifference curve
Indicate whether the statement is true or false
Where was the largest market for the huge increase in U.S. manufacturing output in 1860–1910 located?
(a) In Europe (b) In Asia (c) Within the U.S. (d) In the Third World
Which of the following is NOT an example of a transaction cost?
A) the enjoyment of owning the good B) the opportunity cost of time spent looking for stores that sold the good desired C) the cost of returning a defective product D) time spent bargaining over the price of a good