A monopolistically competitive industry is characterized by
a. many firms selling products that are similar but not identical.
b. many firms selling identical products.
c. a few firms selling products that are similar but not identical.
d. a few firms selling highly different products.
a
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(Consider This) Newspaper dispensing devices seemingly "trust" people to take only a single paper, but the devices actually rely on the law of:
A. supply. B. increasing opportunity costs. C. demand. D. diminishing marginal utility.
If the combination r = 5% and Y = $450 billion is on the IS curve, we know that the combination r = 5% and Y = $300 billion would represent
A. a movement up the IS curve. B. a movement down the IS curve. C. the IS curve shifting to the left. D. the IS curve shifting to the right.
Vaccinating people against a communicable disease such as influenza not only reduces the chances that the person vaccinated will catch the disease but also reduces the probability that an epidemic of the disease will occur
Which of the following statements is true? A) Reducing the chances that the person vaccinated will catch the disease is a private benefit while reducing the probability of an influenza epidemic is a social benefit. B) Vaccinating people against communicable diseases yields private benefits in excess of social benefits. C) Reducing the chances that the person vaccinated will catch the disease is a private cost while reducing the probability of an influenza epidemic is a social benefit. D) The benefits of the influenza vaccination outweigh the costs.
Refer to Figure 9.6. Before this policy was implemented, consumer surplus was
A) $20. B) $4000. C) $6000. D) $8000. E) $12000.