Which of the following is a characteristic of a monopolistically competitive market?I. Each firm is a price-taker.II.Firms sell slightly differentiated products.III.Each firm faces a downward-sloping demand curve.
A. I only
B. I and II only
C. II and III only
D. I, II, and III
Answer: C
Economics
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According to liquidity preference theory, the money-supply curve is
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The United States is guilty of dumping on the international market because of the
A. superior technology. B. high availability of capital. C. highly educated workforce. D. agricultural subsidies.
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Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has increased?
A. A B. B C. neither graph D. both graphs
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