Which of the following is a characteristic of monopolistic competition?
A. Standardized product
B. A relatively small number of firms
C. Absence of non price competition
D. Relatively easy entry
D. Relatively easy entry
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Economies of scale in information production are enjoyed by
A) small borrowers. B) small lenders. C) large borrowers. D) large lenders.
All other factors equal, as nominal interest rates decrease, checking account balances should:
A. remain constant. B. be converted to cash. C. increase. D. decrease.
One of the characteristics of the cap-and-trade system is that
A. there is no way to ensure that pollution is reduced below some allowable total amount. B. it is more expensive than a command-and-control system. C. it is inflexible, and does not respond well to differences in the marginal cost of pollution reduction. D. it reduces the economic damage that would have been done by a command-and-control system.
A high degree of concentration in a market suggests that firms in that market:
A. have the power to control prices. B. are perfectly competitive. C. cannot act strategically. D. have formed an illegal cartel.