The monopolistic competition market structure is characterized by:
a. few firms and similar products.
b. many firms and differentiated products.
c. many firms and a homogeneous product.
d. few firms and a homogeneous product.
b
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Which of the following is NOT exempt from antitrust laws?
A) professional baseball B) labor unions C) airlines D) public transit systems
Which of the following topics is not a part of a typical scenario plan?
a. Informatics. b. Cash flows. c. Automation, miniaturization, robotics, and research. d. All the above are a part of a typical scenario plan. e. Aging populations.
If the government set a price floor at $8
A. there would be a temporary surplus, then prices would fall to equilibrium.
B. there would be a permanent surplus, at least until the price floor was lifted.
C. the price would rise back to the equilibrium price.
D. the price floor would not have any effect on this market.
Betty is out on a first date with Barney. She decides to order the garden salad with dressing on the side in an effort to make a good first impression, even though she prefers leg of lamb. Economic theory:
A. would suggest that she values what Barney thinks of her and will derive negative utility if she does not impress him. B. would suggest that making a good impression with her choice will bring her more utility than ordering lamb and making a bad impression. C. cannot explain why someone would choose a meal that brings her less utility than another. D. cannot be used to explain matters of the heart.