Which of the following is unique to a monopolistically competitive firm when compared to an oligopoly?
a. The monopolistically competitive firm advertises.
b. The monopolistically competitive firm produces a quantity of output that falls short of the socially optimal level.
c. Monopolistic competition features many buyers.
d. Monopolistic competition features many sellers.
d
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Thinking as an economist would, which is TRUE of investment?
A) Investment is putting money into stocks and bonds. B) Investment is a stock concept. C) Investment represents spending on capital goods. D) It is the portion of disposable income that is not used for consumption or saving.
Which of the following has occurred when government directives do not produce better economic outcomes?
A. Government failure. B. Macroeconomic failure. C. Market failure. D. Scarcity.
The gold standard is
A) a type of floating exchange rate system. B) a type of managed flexible exchange rate system. C) a type of fixed exchange rate system. D) a currency exchange system without exchange rates.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.