In monopolistic competition, the products of different sellers are
A) identical.
B) similar but slightly different.
C) unique without any close or perfect substitutes.
D) perfect substitutes.
E) either identical or differentiated.
B
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To know whether a particular situation for a family, business, or government involves an equilibrium or not, one must
A) understand the circumstances fully. B) determine whether the accounts are in balance. C) determine whether the credits equal the debits. D) determine whether a particular portion of the accounts are in balance or not.
Which of the following is true" a. To choose is to lose
b. Scarcity forces us to compete, but not to choose. c. Scarcity forces us to choose, but not to compete. d. Economic principles would be irrelevant if scarcity was eliminated.
Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as
a. an inward shift of the curve. b. a movement from one point to another point along the curve. c. an outward shift of the curve. d. a movement from a point on the curve to a point inside the curve.
Between 1980 and 2000, the national debt ______________.
A. stayed about the same B. approximately doubled C. approximately tripled D. increased over fivefold