Monopolistically competitive markets and oligopolies are similar in that
A) the number of firms is identical.
B) the kinked demand curve can be used to analyze the firms' pricing decisions.
C) there is mutual interdependence amongst the firms.
D) nonprice competition is a tool used.
Answer: D
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When a person's income increases:
A. the individual's budget constraint shifts straight out, maintaining the same slope. B. the individual's budget constraint shifts straight in, maintaining the same slope. C. the individual's budget constraint rotates out and becomes flatter. D. the individual's budget constraint rotates in and becomes steeper.
Under the conditions of monopolistic competition, if a firm is earning economic profits in the short run:
A. prices are higher in the long run than in the short run. B. firm profits are higher in the long run than in the short run. C. average costs of production are higher in the long run than in the short run. D. long-run economic profits are positive.
The FDIC currently insures each bank account up to what level?
A) $10,000 B) $50,000 C) $250,000 D) $150,000
Refer to the above figure. Which arrows represent items that are measured in dollar terms?
A) Arrows A and B B) Arrows C and D C) Arrows A and D D) Arrows B and C