Which of the following is not an example of a monopolistically competitive firm?
A. Farmer Jones's wheat farm
B. the Post Cereal Company
C. Procter and Gamble, a large consumer products corporation
D. T.J.'s Clothes, a local retail clothing store
Answer: A
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
Transfer payments are subtracted from national income to get to personal income
Indicate whether the statement is true or false
Let us define the real wage as the purchasing power of one hour of labor. In the Ricardian 2X2 model, if two countries under autarky engage in trade then
A) the real wage will not be affected since this is a financial variable. B) the real wage will increase only if a country attains full specialization. C) the real wage will increase in one country only if it decreases in the other. D) the real wage will rise in both countries. E) the real wage will fall under pressure of international competition.
Which of the following observations is true?
a. In the long run, more costs become variable. b. Fixed costs can be completely varied if the time period is sufficient. c. Fixed costs arise when some types of inputs can be bought only in big batches. d. Variable costs arise when inputs have a large productive capacity.