Which is NOT a characteristic of monopolistic competition?
A) small share of market to each firm
B) lack of collusion among firms
C) few firms in the industry
D) independence of each firm's decisions
C
You might also like to view...
Suppose that the labor market for life guards is initially in equilibrium. Whistles are an important safety tool that life guards use as a part of their jobs. A fire destroys the largest factory that produces whistles. What happens to the equilibrium wage and quantity of life guards?
a. Both the equilibrium wage and quantity increase. b. Both the equilibrium wage and quantity decrease. c. The equilibrium wage increases, and the equilibrium quantity decreases. d. The equilibrium wage decreases, and the equilibrium quantity increases.
Give a hypothetical example of a nation experiencing hyperinflation. Avoid giving examples provided by the text.
What will be an ideal response?
Figure 10-2
?
In Figure 10-2, which segment of the aggregate supply curve has the smallest multiplier effect?
A. AB B. BC C. CD D. DG
When the price of milk rises, there is no change in the amount of dog food purchased. This is an example of:
A. indifference trade-off between the two goods. B. the interaction between -two correlated goods. C. the value people place on dogs versus milk. D. two items that are uncorrelated.