The monopolistic competition market structure is characterized by:
A. few firms and similar products.
B. many firms and differentiated products.
C. many firms and a homogeneous product.
D. few firms and a homogeneous product.
Answer: B
You might also like to view...
Which of the following resources is necessary to combine efficiently the other resources to produce goods and services?
a. natural resources b. capital c. labor d. entrepreneurial ability e. financial institutions
The term barter refers to exchanges made:
a. only with the use of money. b. without the use of money. c. outside the U.S. economy. d. only in underdeveloped countries. e. within countries in a monetary union.
Behavioral economics
a. is a subfield of psychology that has partially replaced traditional economic analysis b. is a subfield of economics that explains how people behavior c. is a subfield of economics that incorporates insights from psychology and sociology d. provides support for the traditional economic theory of rational utility maximization e. predicts that demand curves slope upward
If the real deficit is $200 billion, the inflation rate is 5 percent, and the debt is $3 trillion, then the nominal deficit is:
A. $300 billion. B. $350 billion. C. $250 billion. D. $100 billion.