A monopolistically competitive firm has ________ power to set the price of its product because ________
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
D
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Using the table provided above to construct Lorenz curves representing 1990 and 2011, what do you discover and how is this interpreted?
A) The Lorenz curve for 1990 is further away from the line of equality than the curve for 2011. This means that inequality is decreasing. B) The Lorenz curve for 1990 is further away from the line of equality than the curve for 2011. This means that inequality is increasing. C) The Lorenz curve for 2011 is further away from the line of equality than the curve for 1990. This means that inequality is increasing. D) The Lorenz curve for 2011 is further away from the line of equality than the curve for 1990. This means that inequality is decreasing.
If the transactions approach to measuring money is used, then the money supply consists of
A) currency only. B) transaction deposits only. C) currency and transaction deposits only. D) currency, checkable and debitable deposits, and traveler's checks.
How long is the long run?
A. A defined, set period of time, usually a year B. However long it would take a firm to vary all of its costs C. However long it would take a firm to have at least one variable cost D. None of these defines the long run.
If trade between two countries is voluntary, one can expect that
a. one country's gain is necessarily the other's loss. b. one country will exploit the other one. c. neither country really gains from trade. d. the larger country will always gain at the expense of the smaller. e. both countries expect to gain something.