Which of the following is not a condition of monopolistic competition?
a. firms produce a similar product
b. products are differentiated
c. advertising may exist
d. each firm charges the same price for its output
d. each firm charges the same price for its output
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Explain why the purchase and sale of used goods and of financial assets are not included in the calculation of GDP even though transactions in these items amount to billions of dollars daily
What will be an ideal response?
If a firm shuts down in the short run, its losses are equal to
A. TC ? TR. B. TFC. C. TVC. D. MC.
What are the primary sources of economic growth? Why are our real incomes and living standards today so much higher than those of our great grandparents 50 or 100 years ago? Why is the income per person so much higher in some countries than others?
A move from S4 to S3 is a(n)
A. an increase in quantity supplied.
B. a decrease in quantity supplied.
C. an increase in supply.
D. a decrease in supply.