A monopolistically competitive market can also be:
A. perfectly competitive market.
B. a monopoly.
C. an oligopoly.
D. All of the above.
C. an oligopoly.
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An undervalued domestic currency:
A) harms all the economic agents in the country. B) benefits all the economic agents in the country C) makes imports more expensive for domestic consumers. D) can be achieved by buying the domestic currency.
When the price level in France increases while the exchange rate and the price level in the United States remain the same, the result is
A) U.S.-made goods become relatively cheaper compared to French-made goods. B) French citizens are more likely to buy U.S.-made goods. C) U.S. citizens are less likely to buy French-made goods. D) All of the above answers are correct.
Assumptions in models tend to make
A) the model predict what the scientist wants the results to be. B) the model more realistic. C) the model more applicable to specific circumstances. D) the model always predict the future accurately.
BrightLight Ltd. estimates the demand curve for its table lamps to be Q = 1,000 - 4P. That is, P = 250- .25Q. Which of the following is NOT true?
A. The elasticity of demand for BrightLight's table lamps is equal to 7.5 when their price is $125. B. The maximum total revenue BrightLight can obtain is $62,500. C. The marginal revenue curve for BrightLight's table lamps is given by MR = 250 - ½P. D. BrightLight maximizes its total revenues when selling 500 lamps.