Which of the following is not a characteristic of a monopolistically competitive market?
A. There are many firms.
B. Firms sell differentiated products.
C. Firms have control over price.
D. There are substantial barriers to entry.
Answer: D
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Which of the following is an example of opportunity cost not measured by money cost?
a. the time spent eating a business lunch at a restaurant b. the time spent preparing a meal eaten at home c. the time spent studying to obtain an "A" in economics d. the time spent repairing a car in one's own garage e. All of the above are correct.
The marginal cost curve intersects the average total cost curve in monopolistic competition:
A. at the minimum average total cost. B. at the market price. C. to the right of the minimum average total cost. D. to the left of the minimum average total cost.
The higher are a firm's risk-corrected returns
A) the lower are its labor costs. B) the higher are its opportunity costs. C) the more advantage it has in obtaining investor financing. D) the more difficulty it will have financing its expansion plans.
An underemployed worker who is looking for a full-time job is
A. Phantom unemployed. B. Structurally unemployed. C. A discouraged worker. D. None of the choices are correct.