Which of the following is NOT a basic feature of a monopolistically competitive industry?
A. Each firm in the industry produces a differentiated product.
B. There is free entry and exit into the industry.
C. Each firm owns a patent on its product.
D. There are many buyers and sellers in the industry.
Answer: C
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A. increase; decrease B. decrease; decrease C. decrease; increase D. increase; increase
An inferior good is a good for which the quantity demanded decreases as the price increases, holding everything else constant
Indicate whether the statement is true or false
How can the federal government use discretionary fiscal policy to stimulate the economy?
What will be an ideal response?
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Indicate whether the statement is true or false