Monopolistic competition has at least one similarity to perfect competition: firms are free to enter and leave the industry.
Answer the following statement true (T) or false (F)
True
Economics
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State the law of demand and illustrate it. Explain what is meant by the term "price" in the law of demand
What will be an ideal response?
Economics
A price taking firm’s short-run supply curve is perfectly elastic at the market price.
Answer the following statement true (T) or false (F)
Economics
If fewer U.S. dollars are needed to buy a Swiss franc, then
a. Swiss goods become relatively more expensive to U.S. residents b. U.S. residents buy fewer francs c. U.S. goods become relatively cheaper to Swiss residents d. U.S. residents buy more Swiss goods e. U.S. residents supply more francs
Economics
About 1 out of every _____ black Americans is poor.
A. 12 B. 7 C. 4 D. 2
Economics