All of the following are characteristics of monopolistic competition EXCEPT
A. product differentiation.
B. a few firms dominate the industry.
C. many firms in the industry.
D. advertising.
Answer: B
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In the Keynesian model, exogenous variables include
a. planned investment. b. taxes. c. planned inventories and government spending. d. planned investment and government spending. e. all of the above
Under perfect competition, a firm’s
A. demand curve and average revenue curve are identical, but the marginal revenue curve is different. B. demand curve is different, but the average revenue curve and the marginal revenue curve are identical. C. demand curve, average revenue curve and marginal revenue curve are identical. D. none of these are true.
The U.S. economy in the 1990s benefited from an aggregate supply curve shifting outward
a. True b. False Indicate whether the statement is true or false
What would the Balance on Goods and Services equal given the following information?Government Taxes= $700; Saving= $100; Gross Private Domestic Investment= $400; Government Spending= $600
a. It is impossible to tell. b. +$1,800 c. +$200 d. -$200 e. +$800