As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have less control over price.
B. face more barriers to entry.
C. face more competitors.
D. sell a more differentiated product.
Answer: D
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The opportunity cost of a hot dog in terms of hamburgers is the
A) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers. B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers. C) money price of a hot dog minus the money price of a hamburger. D) ratio of the money price of a hot dog to the money price of a hamburger.
The equilibrium price of a good is:
(a) The price with which everyone is unhappy. (b) The price at which the quantity demanded and quantity supplied of a good are equal. (c) The price set by the regulators in the economy. (d) Both (b) and (c).
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if government held the price at $3,
A. There would be a shortage. B. The government would be setting an effective price floor. C. The shortage would be the same as the quantity demanded. D. The market would be in equilibrium.
Refer to the graphs below. Which graph shows an increase in the price of X and a decrease in the price of Y?
A. Graph A
B. Graph B
C. Graph C
D. Graph D