Which of the following is NOT an example of a monopolistically competitive firm?
A. Farmer Jones's wheat farm
B. the Post Cereal Company
C. Procter and Gamble, a large consumer products corporation
D. T.J.'s Clothes, a local retail clothing store
Answer: A
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Use the following diagram to answer the next question.
In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (8) might represent
A. the services of firefighters. B. automobile purchases by the state of Maine. C. subsidies to farmers. D. personal income taxes.
In a balance of payments statement, the current account plus the financial account must equal the capital account
Indicate whether the statement is true or false
Marginal costs are the costs relevant to a decision because they
A) are the costs that will be affected by the decision. B) the cost of producing one more unit of output. C) total cost divided by units of output. D) total cost minus sunk costs.
Under rate-of-return regulation, average cost pricing
A) is inflated so the firm can make economic profits. B) includes variable costs but not a cost for capital. C) includes what they consider to be a fair rate of return on investment. D) includes a cost for capital that generates an above normal rate of return.