The general set of rights to own private property and exchange goods, services, and financial assets with minimal government interference is defined as
A. economic privilege.
B. market socialism.
C. economic freedom.
D. capitalism.
Answer: C
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Firms in monopolistic competition have demand curves that are
A) horizontal. B) vertical. C) downward sloping. D) upward sloping. E) U-shaped.
The United States abandoned the ________ because the government wanted to rapidly expand the money supply in response to the Great Depression
A) managed float B) floating exchange rate system C) Bretton Woods system D) gold standard
Why is reliable data on the formation and survival of startups difficult to obtain?
If P = Q/15 represents marginal cost for a monopolist and market supply for a competitive industry and market demand is given by Qd = 500 - 10P, the difference between the monopoly equilibrium and the competitive equilibrium is that a monopolist would produce:
A. 187.5 units of output at a price of $31.25, whereas competitive output would be 250 units at a price of $25. B. 250 units of output at a price of $25, whereas competitive output would be 300 units at a price of $20. C. 187.5 units of output at a price of $31.25 each, whereas competitive output would be 300 units at a price of $20. D. 300 units of output at a price of $20, whereas competitive output would be 187.5 units at a price of $31.25.