In monopolistic competition there
A) are many firms and many buyers.
B) are several large firms.
C) is one large firm.
D) might be many, several, or one firm.
E) are many firms but only a few buyers.
A
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The phone bill for a company consists of both fixed and variable costs. Refer to the four-month data below and apply the high-low method to answer the question. Minutes Total Bill January 480 $4000 February 200 $2700 March 170 $2640 April 320 $2855 What is the fixed portion of the total cost?
In the neoclassical growth model, if two countries are exactly the same but one has a lower permanent budget deficit, we would expect that country to have
a. higher output, a higher capital-to-labor ratio, and higher output growth in the steady state. b. the same output and capital-to-labor ratio, but higher output growth in the steady state. c. higher output, the same capital-to-labor ratio, and the same output growth in the steady state. d. higher output, a higher capital-to-labor ratio, and the same output growth in the steady state.
Monetarists believe that to promote long-term economic growth, national governments should:
a. Increase government spending and reduce taxes. b. Reduce government spending and increase taxes. c. Promote research and development with federal funds. d. Impose tariffs and quotas until the nation is on its feet. e. Create stable and predictable political environments and encourage competitive markets.
Evaluate the following statement: "Advertisements that use celebrity endorsements are devoid of any value and do not enhance the efficient functioning of markets."