Monopolistic competition is a common form of market structure in the United States.
Answer the following statement true (T) or false (F)
True
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How might consumers for whom the borrowing constraint is binding benefit from access to relatively expensive forms of credit (e.g., pawn shops and "payday" loans)?
What will be an ideal response?
Vickery auctions are
a. Oral auctions b. Second price sealed bid auctions c. English auctions d. None of the above
What is bank insolvancy?
Assume the price elasticity of demand for MC Pretzel Co. pretzels is 0.8. If the company increases the price of each bag of pretzels, total revenue will
A. Increase because demand is elastic and revenue will rise. B. Increase because the percentage increase in price is greater than the percentage change in quantity demanded. C. Be impossible to predict because the percentage change in price is not known. D. Decrease because fewer bags will be sold.