Monopolistically competitive firms produce differentiated products
Indicate whether the statement is true or false
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Collusion always involves firms engaging in a
A. noncooperative game. B. cooperative game. C. vertical merger. D. horizontal merger.
Assuming a real interest rate of four percent, which of these causes the largest increase in the present value of lifetime resources?
A) a winning lottery ticket that pays $9,600 today B) an additional $10,000 of income in the future period C) a salary increase of $5,000 both today and in the future period D) an additional $10,000 of current wealth
The terms equality and efficiency are similar in that they both refer to benefits to society. However they are different in that
a. equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources. b. equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits. c. equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits. d. equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.
The industrial revolution began around the year _____.
A. 1650 B. 1750 C. 1850 D. 1950