In a monopolistically competitive market:
A. firms produce differentiated products.
B. firms produce homogeneous products.
C. the demand for any firm's product is perfectly elastic.
D. there are barriers to entry.
Answer: A
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__________ is starting to challenge the United States regarding the reputation of being a top throwaway society or of being a heavy consumer society
a. Brazil b. Columbia c. Thailand d. China
In Figure 3-6, suppose D1 and S1 indicate initial conditions in the market for ice cream. Which of the following changes would tend to cause a shift from S1 to S2 in the market for ice cream?
a. an increase in the price of sugar, an ingredient used to produce ice cream b. a decrease in the price of frozen yogurt, a substitute for ice cream c. abnormally hot weather that temporarily increases consumer desire for ice cream d. a decrease in the price of milk, an ingredient used to produce ice cream
U.S. per capita GDP is roughly how much larger than the world average?
A. Five times as large. B. Twice as large. C. Four times as large. D. Three times as large.
If a commercial dairy farm wants to raise funds to purchase feeding troughs, it does so in the
A) output market. B) product market. C) factor market. D) dairy products market.