A market in which there are many firms each selling differentiated products is most likely a ________ market.
A. perfectly competitive
B. monopoly
C. monopolistically competitive
D. natural monopoly
Answer: C
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Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her accounting profit?
A) $17,000 B) $22,000 C) $47,000 D) $64,000
Which of the following policies is not aimed at stimulating technological progress?
a. subsidies to public universities. b. tax breaks on stock gains. c. tax breaks on research and development. d. the granting of patents.
If the government does not react to a recession:
A. the economy will remain out of its long-run equilibrium indefinitely. B. the economy will recover, but much more slowly. C. voters and consumers are likely to be happy with less government interference. D. the government generally doesn’t engage in any policy during a recession.
To be counted as part of the labor force, a person must:
a. be less than 65 years old. b. have worked at some time in the past. c. be employed in some productive activity. d. be working or actively looking for work. e. be above 16 years of age.