The major similarity between a monopolist and a monopolistically competitive firm is that:
a. both are price takers.
b. both face a horizontal demand curve.
c. both are the sole producers of a particular good.
d. both face a negatively sloped demand curve.
e. both are affected by the decision of their rivals.
d
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Employing Figure 3-1 above, autonomous consumption expenditures are ________, and the marginal propensity to consume is ________
A) 200; 0.75 B) 500; 1 C) 200; 0.60 D) 0; 1
Positive externalities exist any time the social costs of producing a good or service exceed the private costs
a. True b. False Indicate whether the statement is true or false
When Fidel Castro came to power in Cuba in 1959, Cuba's exports were predominantly sugar and tobacco and these exports made up a relatively large part of its economy. To counter this dependence on two goods, Castro's economic advisers used which of the following arguments to persuade him to impose trade restrictions?
a. comparative advantage argument b. infant industries argument c. national security argument d. antidumping argument e. diversity of industry argument
If global prices are lower than domestic prices, the short-run Phillips curve is likely to be horizontal.
Answer the following statement true (T) or false (F)