In a monopolistically competitive market there are
A) many firms producing an identical product.
B) many firms producing similar but not identical products.
C) many firms producing totally different products.
D) few firms producing identical products.
Answer: B
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. The payoffs in the lower-right cell of the payoff matrix would change to
A) 0, 0. B) 550, 100. C) 100, 550. D) The payoffs would not change.
Which of the following are included in interest income? i. payments made for the use of land ii. income paid to households for loans they make iii. payments made by households for their borrowing
A) i, ii and iii B) ii and iii only C) i and ii only D) ii only E) iii only
If a price floor is not binding, then it will have no effect on the market
a. True b. False Indicate whether the statement is true or false
A tax system in which tax rates fall as incomes rise is
A. Flat. B. Regressive. C. Proportional. D. Progressive.