Which market structure(s) include(s) many firms with differentiated products who can enter and exit the market freely?
monopolistic competition
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The opportunity cost of an activity includes the value of:
A. the least-best alternative that must be foregone. B. the chosen activity minus the value of the next-best alternative. C. the next-best alternative that must be foregone. D. all of the alternatives that must be forgone.
Most trade agreements contain countries in the same area of the world. Why is this so?
A) The distances that goods need to travel between such countries are short. B) Distribution channels are not easily established in adjacent countries. C) Adjacent countries are reluctant to coordinate policies. D) Neighboring countries usually lack a common history and interests
A protectionist policy generally enhances free trade.
a. true b. false
There will be an increase in supply when
A) a consumer's income increases. B) there is an improvement in technology. C) the demand curve shifts. D) the market price rises from $3 to $4.