The product differentiation of firms in an industry is an indicator of the size distribution of firms.
Answer the following statement true (T) or false (F)
False
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In monopolistic competition, firms can make an economic profit in
A) the short run and in the long run. B) the short run but not in the long run. C) the long run but not in the short run. D) neither the long run nor the short run.
Once a division manager sees that production goal for a time period is likely to be met
a. he has an incentive to increase the pace of production b. he has an incentive to decrease the pace of production c. he does not have an incentive to change the pace of production d. he has an incentive to produce other products
If planned spending exceeds planned output in an economy, the result is a(n) _____
a. increase in inventories b. decrease in gross domestic product c. decrease in imports d. increase in government purchases e. unintended decrease in inventories
A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X
b. decrease the marginal utility per dollar spent on X. c. result in an increase in the total utility from consumption of X. d. do both (a) and (c).