A market situation in which a large number of firms produce similar but not identical products is called
A) pure monopoly.
B) monopolistically competitive.
C) oligopolistic behavior.
D) perfectly competitive.
B
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Rent controls are an example of a
A) price floor. B) price ceiling. C) price floor for the consumer and a price ceiling for the producer. D) nonprice rationing device.
An increase in the U.S. price level (foreign prices held constant) will cause a leftward shift in the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Which function of money allows for comparison shopping?
A. medium of exchange B. standard of deferred payment C. unit of accounting D. store of value
According to the Pew Charitable Trust methodology for identifying the middle class, if people near the boundary between the lowest and the lower middle income class lose income, the middle class will ________
A. increase, and that is unambiguously a good thing. B. shrink, but that is unambiguously a good thing. C. shrink, and that is unambiguously a bad thing. D. increase, and that is unambiguously a bad thing.