One difference between oligopoly and monopolistic competition is that
A) a monopolistically competitive industry has fewer firms.
B) in monopolistic competition, the products are identical.
C) monopolistic competition has barriers to entry.
D) fewer firms compete in oligopoly than in monopolistic competition.
D
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According to the equation of exchange, the money supply times the velocity of money equals the
A) price level. B) growth rate of the money supply. C) real GDP. D) nominal GDP.
Money is:
A. the clearest example of something that is fungible. B. always recognized as fungible by individuals. C. more fungible in cash form versus as checking account balances. D. All of these are true.
Marginal factor cost is
A) the change in total costs due to a one-unit change in the quantity of the good produced. B) the change in total costs due to a one-unit increase in the variable input. C) the change in the price of an input when an additional unit of the input is hired. D) the marginal cost of changing the rate of production in the long run.
When marginal private benefit is equal to marginal private cost,
A. the activity in question generates no negative externality. B. all negative externalities have been internalized. C. all positive externalities have been internalized. D. all of the above E. a or b