In long-run equilibrium, compared to a perfectly competitive market, a monopolistically competitive industry produces a ________ level of output and charges a ________ price
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
B
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If the money supply expands to much it lowers the value of the dollar?
Indicate whether the statement is true or false
Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
The best explanation for a movement from point D to point E is:
A. an inward rotation of the budget constraint along the x-axis, forcing the consumer to move from point B to point A. B. an outward rotation of the budget constraint along the x-axis, allowing the consumer to move from point A to point B. C. an inward rotation of the budget constraint along the y-axis, forcing the consumer to move from point C to point B. D. a parallel shift of the budget constraint, allowing the consumer to move from point A to point C.
Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the
resulting budget line is: A. 5. B. 1/5. C. 4. D. 20.
If an idea has not been implemented because a monopoly producer has placed a barrier to entry, the circumstances are not normal due to:
A. intervention. B. innovation. C. market failure. D. goals other than profit.