Which of the following is most likely produced in a monopolistically competitive market?
a. restaurant meals
b. computer chips
c. firewood
d. motorcycles
e. soft drink
A
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Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. J Brand jeans sell for about $200 a pair. What would happen if J Brand priced their jeans at $220 per pair?
A) They would sell fewer jeans because demand is elastic. B) They would not sell any jeans. C) They would sell more jeans. D) They would sell fewer jeans because demand is perfectly elastic.
The idea of efficiency is used to address which of the following questions?
A. What are the wants and constraints of those involved? B. What are the trade-offs? C. How will others respond? D. Why isn't everyone already doing it?
In which of the following industries are the firms price-takers?
a. monopoly b. monopolistically competitive c. monopoly and monopolistically competitive d. perfectly competitive e. perfectly competitive and monopolistically competitive
Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
A. seasonally unemployed. B. frictionally unemployed. C. structurally unemployed. D. cyclically unemployed.