Which of the following is an example of a monopolistically competitive firm?
a. a frozen yogurt shop
b. a pharmaceutical firm
c. Honda Motor Corporation
d. DeBeers Diamonds
a
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Refer to Table 2-17. What is James's opportunity cost of making a wagon?
A) 2 tricycles B) 1/2 of a tricycle C) 3/4 of a wagon D) 1/2 of a wagon
When a U.S. importer needs $20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos
a. True b. False Indicate whether the statement is true or false
The short-run market supply curve in a perfectly competitive industry
a. shows the total quantity supplied by all firms at each possible price b. is perfectly inelastic at the market price c. is perfectly elastic at the market price d. shows how much output each individual firm will supply at various possible prices e. is usually downward sloping
The closed shop was outlawed by which act passed by Congress in 1947?
a. Landrum-Griffin Act b. Wagner Act c. Norris-LaGuardia Act d. Civil Rights Act e. Taft-Hartley Act