Monopolistic competition is characterized by:
a. one firm selling several products
b. many firms selling the same product.
c. many firms selling slightly different products.
d. one firm selling one product.
c
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Cost minimization is the process of making optimal use of all of the inputs whose quantities are
A. set in the short run. B. set in the intermediate run. C. set in the long run. D. variable in the short and long run.
Rapid growth of the money supply might seem appropriate to ________ economists, because ________
A) Keynesian; it can hasten the economy's return to a long-run equilibrium B) Keynesian; the resulting inflation will have no effect on real output C) classical; stabilizing fluctuations contributes to long-run growth D) classical; it will make prices more flexible E) none of the above
The costs which can be avoided if we alter our decisions or choices are referred to as:
a. average costs. b. opportunity costs. c. marginal costs. d. sunk costs.
Total physical product shows what happens to the quantity of an output when the firm changes the quantity of an input
a. True b. False Indicate whether the statement is true or false