The residual demand curve is
A) the market demand minus the supply of other firms.
B) the remaining demand after the market clears.
C) the market demand minus the supply of one firm.
D) the long-run demand for a market.
A
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Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
If GDP calculations included measurements of pollution and environmental damage, GDP values would most likely be
A) unchanged from their values without these measurements. B) meaningless, since GDP values without these measurements would no longer be of value. C) greater than their values without these measurements. D) less than their values without these measurements.
If the demand decreases in a perfectly competitive market, firms will likely:
A. experience negative profits in the short run. B. experience zero profits in the long run. C. exit the market in hopes of capturing profits elsewhere. D. All of these are true.
In the real world:
A. price discrimination has only been observed where monopolies are present. B. businesses can easily identify different groups' willingness to pay, so price discrimination is prevalent in every market. C. perfect price discrimination is impossible. D. price discrimination is practiced less today than it was in the mid-1900s.