Which of the following is characteristic of a monopolistic competitor?
a. a standardized product
b. the ability to influence price
c. allocative efficiency
d. a horizontal firm demand curve
b
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The productive resource that includes all the "gifts of nature" is called
A) land. B) labor. C) capital. D) entrepreneurshi
The table above shows Randy's Shirts' short-run production function. Randy hires workers at a wage rate of $50 a day and his total fixed cost is $100
a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 48 shirts are produced? c) What is Randy's average variable cost if 56 shirts are produced? d) What is Randy's marginal cost of producing the 52nd sweater? e) What is Randy's average total cost if 48 sweaters are produced?
Usury laws typically regulate
A. interest rates paid on savings. B. interest rates charged on loans. C. rents charged on land. D. economic rent earned in all factor markets.
In the above figure, a movement from point B to point A can be explained by
A. a drop in the price level. B. an increase in the demand for manufacturing goods due to new technology. C. an increase in spending due to increases in education expenditures. D. an increase in spending due to a war.