Which of the following conditions distinguishes monopolistic competition from perfect competition?
a. number of sellers
b. freedom of entry and exit
c. perfect information
d. homogeneity of the product
d
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Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer. B) the ability to produce a good or service at a higher opportunity cost than any other producer. C) compared to others you are better at producing a product. D) the ability to produce more of a product with the same amount of resources than any other producer.
A bank's net interest income is
A) the same as net operating income. B) the difference between interest on loans and interest expense. C) the same as net operating income before expenses. D) the difference between total interest income and interest expense.
Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate?
a) false economy b) command economy c) traditional economy d) centrally planned economy
Which of the following is a characteristic of a perfectly competitive seller's demand curve?
A. Price and marginal revenue are equal at all levels of output. B. Average revenue is less than price. C. Its elasticity at all levels of output is 1. D. It is the same as the market demand curve.