Which of the following describes monopolistic competition?
A) homogeneous products
B) P = MR = MC
C) Advertising plays a key role.
D) There is only one seller in the industry.
C
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In recent years, average household income in the United States was highest for households headed by someone aged
A) 35 to 44. B) 45 to 54. C) 55 to 64. D) 65 and over.
Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. Government revenue from the quota will be
A) $0. B) $2,500. C) $7,500,000. D) $12,500,000. E) $13,125,000.
During which time will fiscal policy be the most effective?
A) normal times B) times of war C) in the middle of expansions D) times of stagflation
The equilibrium rental income paid to the owners of capital at any point in time equals the
a. marginal product of capital. b. value of the marginal product of capital. c. percentage of profits paid out to stockholders in the form of dividends. d. equilibrium purchase price of capital.