When collective decision making (the political process) is used to resolve economic questions regarding the allocation of resources,
What will be an ideal response?
central planning and political bargaining will replace market forces.
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A firm in monopolistic competition
A) has no control over the price of the product it is selling. B) might be selling a brand name product. C) does not advertise nor market its product. D) Both answers A and B are correct. E) Answers A, B, and C are correct.
Explain the differences between a change in supply and a change in quantity supplied
What will be an ideal response?
A "vertically integrated firm" is a firm that
a. combines firms which formerly competed. b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. c. earns zero economic profits due to the highly competitive market within which it operates. d. has representatives on its board of directors from many of the companies that it buys from and sells to.
Which of the following is not a part of M1?
a. Cash in the hands of the public. b. Demand deposits. c. Traveler's checks. d. Money market mutual fund (MMMF) balances. e. Corporate stocks.