Under monopolistic competition, entry to the industry is
A. blocked.
B. completely free of barriers.
C. more difficult than under pure competition but not nearly as difficult as under pure monopoly.
D. more difficult than under pure monopoly.
Answer: C
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A decrease in the value of a currency is called a(n)
A) depreciation. B) integration. C) appreciation. D) consolation.
Economists assume people behave rationally, which means that people
A) never make a mistake. B) do not intentionally make decisions that make themselves worse off. C) have the necessary information to always make correct decisions. D) always understand the consequences of their decisions.
In the last decade, spending on education has been slowing
a. True b. False Indicate whether the statement is true or false
Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, what is the supply curve for cars?
A. QCars = 124 + 4 × PCars B. QCars = 100 + 4 × PCars - 2 × PSteel - .2 × PWorkers C. QCars = 100 + 4 × PCars D. QCars = 76 + 4 × PCar