For a monopolistically competitive firm, the demand curve
A) is a horizontal line.
B) has a positive slope.
C) is vertical.
D) has a negative slope.
E) is the same as the marginal revenue curve.
D
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If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
In privately held firms the manager-stockholder conflict is
A) worse than in the larger firm. B) the same as it is in the larger firm. C) less severe than in the larger firm. D) there is no manager-stockholder conflict because the manager is the owner.
By designating Federal Reserve currency as legal tender, the federal government
A) has ensured that Federal Reserve currency will serve as money. B) has guaranteed that Federal Reserve currency may be exchanged for an equivalent amount of gold or silver. C) has mandated that Federal Reserve currency be accepted for payment of debts. D) has mandated that Federal Reserve currency be accepted by citizens of foreign countries in exchange for their countries' currencies.
The National Banking System under the Bank Act of 1863 created a banking system comprised of a mixture of
(a) special state charters. (b) nonchartered private banks. (c) free banks. (d) all of the above.