Convenience stores with gas stations tend to sell an essentially identical variety of products and services. Yet this is generally considered to be a monopolistically competitive industry selling differentiated products
How can this be considered a differentiated product?
These stores are differentiated by location.
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If the production of a particular good causes a negative externality, would the equilibrium quantity in a competitive market be less than the efficient quantity or would it be greater than the efficient quantity?
What will be an ideal response?
From 1860 to 1910, U.S. mobility between social classes and occupations
(a) distracted immigrants. (b) increased the potential migrant's opportunity cost of staying in Europe. (c) attracted immigrants to the U.S. (d) decreased foreign investment in the U.S.
Exhibit 12-9 Negative Income Tax
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As shown in Exhibit 12-9, a family of four does not pay income taxes at:
A. an income of $25,000. B. any income between zero and $20,000. C. all levels of income. D. any income above $20,000.
Exhibit 5-6 Demand curve for concert tickets
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In Exhibit 5-6, the demand curve for concert tickets shown above between the prices of $20 and $30 is
A. inelastic. B. elastic. C. unitary elastic. D. cross elastic.