List five goods that are likely sold in a monopolistically competitive market
Books, CDs, movies, computer games, and piano lessons are some examples.
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Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it. B) No, we know it exists but we can't extract the gold. C) No, there are no established property rights over the moon so they cannot add to world reserves.. D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.
The natural rate of unemployment is the same as the socially optimal rate of unemployment
a. True b. False Indicate whether the statement is true or false
To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to
a. collude with each other. b. form various degrees of cartels. c. compete rather than cooperate with each other. d. cooperate rather than compete with each other.
Define gross domestic product