A monopolistically competitive firm produces a good or service that has no close substitutes
Indicate whether the statement is true or false
FALSE
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Hyperinflation occurs when
A) the inflation rate rises. B) the inflation rate declines. C) the inflation rate is extremely high. D) the inflation rate is extremely low.
"No individual should have less than $20,000 income in the United States in 2010" is an example of
A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism.
Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0Jane's production possibilities schedule demonstrates that she
A. does not face an opportunity cost when producing green beans. B. faces an opportunity cost when producing green beans. C. can produce an unlimited amount of corn if she gives up enough green beans. D. cannot produce green beans and corn together.
The branch of economics that studies the decisions of individuals and firms is called
A) macroeconomics. B) microeconomics. C) microeconomics and macroeconomics. D) positive economics. E) normative economics.