Monopolistic competition is a type of
a. oligopoly.
b. market structure.
c. price discrimination.
d. advertising strategy.
b
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Economists believe a volunteer military is likely to
A) cost more than a conscripted military. B) cost taxpayers more than a conscripted military would. C) impose higher costs on military personnel than does a conscripted military. D) increase the percentage of incompetent people in the armed forces.
For a resource to be able to generate sustained competitive advantage over rivals, it must be
a. Valuable b. Rare c. Difficult to imitate or substitute away from d. All of the above
The production possibilities curve shows the different combinations of goods that can be produced with a set of given resources
Indicate whether the statement is true or false
Suppose that when a perfectly competitive firm produces 500 units of output a day, it earns an economic loss. If the price of each unit of output is $1.50, then, in the short run, it's clear that this firm:
A. should shut down. B. is not maximizing its profit. C. should produce more than 500 units a day. D. should not shut down if its total variable cost is less than $750.