Which of the following is the best example of a firm operating in a monopolistically competitive market?
A. A Kansas wheat farmer.
B. TGI Fridays, a family restaurant.
C. U.S. Postal Service.
D. Boeing, an aircraft manufacturer
Answer: B
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Suppose the four families listed in the table are the only demanders of Mt. Dew in the market. If the price of a case of Mt. Dew decreases by $1, the
a. market quantity demanded decreases by 10. b. market quantity demanded increases by 10. c. Adams family increases its quantity demanded by more than the Smith family. d. Jones family increases its quantity demanded by more than the Williams family.
The multiplier is the ratio of the
A. change in the equilibrium level of real GDP to the change in autonomous expenditures. B. change in autonomous expenditures to the change in the equilibrium level of real GDP. C. change in induced expenditures to the change in autonomous expenditures. D. equilibrium level of real GDP to the change in induced expenditures.
Because Corning produces durable goods, the demand for their goods
A) declines when incomes in the economy are rising. B) is likely to increase during recession. C) is consistently high, regardless of the state of the economy. D) tends to follow the business cycle.
A tradable permit is an example of command-and-control regulation
a. True b. False Indicate whether the statement is true or false