If firms in a monopolistically competitive industry are ________, then in the long run new firms producing close substitutes will enter the industry.
A. suffering economic losses
B. breaking even
C. producing where MR = MC
D. earning economic profits
Answer: D
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The key feature of ________ is that firms act strategically.
A. perfectly competition B. an oligopoly C. a monopoly D. a natural monopoly
Country A-2020 Transactions (billions of dollars)
In the above table, the trade balance on goods and services for Country A is ________ billion dollars.
A. -25 B. -100 C. +25 D. +100
Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. A decrease in the number of cattle ranchers will cause a movement from
A. Point G to Point F. B. Point A to Point B. C. S1 to S2. D. D2 to D1.
If policy makers were worried about the inflationary potential of an economy, which of the following would be an appropriate fiscal policy measure?
a. ?A decrease in government purchases b. ?A decrease in consumption taxes c. ?Open market operations d. ?Deficit spending e. ?An increase in transfer payments