The local residential electrical power industry can be best modeled using the model of
A. oligopoly.
B. perfect competition.
C. monopolistic competition.
D. monopoly.
Answer: D
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Tom and Di grow tomatoes and turnips. Tom has a comparative advantage in growing tomatoes if ________
A) Tom can grow more tomatoes than Di can B) his opportunity cost of tomatoes is less than Di's opportunity cost of tomatoes C) his opportunity cost of tomatoes is less than his opportunity cost of turnips D) his marginal benefit from tomatoes is greater than Di's
In a competitive labor market, the demand for labor X that produces product Y will increase if the demand for product Y increases
a. True b. False Indicate whether the statement is true or false
During the economic downturn of 2008-2009, the Federal Reserve
a. used open-market operations to purchase mortgages and corporate debt, just as it frequently does even when the economy is functioning normally. b. took the unusual step of using open-market operations to purchase mortgages and corporate debt. c. explicitly set its target rate of inflation at zero. d. explicitly set its target rate of inflation well above zero.
A monopolistically competitive industry has many firms that sell differentiated products.
Answer the following statement true (T) or false (F)