The key feature of monopolistic competition that distinguishes it from perfect competition is
A) many sellers.
B) barriers to entry.
C) interdependency.
D) product differentiation.
D
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In the long run, an increase in the money supply growth rate
a. shifts both the long-run and the short-run Phillips curves right. b. shifts the long-run Phillips curve left and the short-run Phillips curve right. c. shifts the long-run Phillips curve right and the short-run Phillips curve left. d. None of the above is correct.
Explain how long-run economic profits are linked to entry in monopolistic competition and perfect competition
What will be an ideal response?
GDP underestimates our economic well-being:
a. for of all the following reasons. b. because it includes the value of work done by nannies. c. because it ignores leisure. d. because it includes the value of work done by householders. e. because it includes the value of work done by illegal immigrants.
From a neoclassical viewpoint, government should focus less on ____________.
a. long-term growth b. controlling inflation c. aggregate supply d. cyclical unemployment