A firm in a monopolistically competitive market faces a
a. downward-sloping demand curve because the firm's product is different from those offered by other firms.
b. downward-sloping demand curve because there are only a few firms in the market.
c. horizontal demand curve because there are many firms in the market.
d. horizontal demand curve because firms can enter the market without restriction.
a
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The simple circular flow model shows that workers and capital-owners offer their services to firms through the
A. product markets. B. government agencies. C. employment agencies. D. resource markets.
The market structure where there is a single supplier of a good or service for which there is no close substitute is
A) a price searcher. B) a monopoly. C) a tariff. D) the most economically efficient market structure.
Which of the following correctly describes the aggregate supply curve?
a. A curve that shows the level of real GDP demanded at different possible price levels. b. A curve that shows the level of real GDP produced at different possible price levels. c. A curve that shows the level of quantity supplied by firms in a market at different possible prices, such as the supply of oranges in the oranges market. d. None of the above.
In macroeconomic analysis, a transfer payment is considered a
a. positive tax. b. fixed tax. c. negative tax. d. variable tax.