A monopolistic competitor is surrounded by barriers to entry and need not fear the entry of new firms in the long run
a. True
b. False
Indicate whether the statement is true or false
False
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As the U.S. became increasingly industrialized in the 19th century,
a. the poor got poorer. b. the rich got poorer. c. the income of the poor grew more slowly than the income of the rich. d. the income of the poor grew more rapidly than the income of the rich.
In 2007 which country had the highest ratio of government expenditures to GDP?
A. Canada B. Switzerland C. United States D. none of these answer options are correct.
When quantity supplied equals quantity demanded:
A. the market forces push the economy to produce less. B. equilibrium is reached. C. the market forces cease to function. D. the market forces push the economy to produce more.
A monopolist changes price from $1 to $2 and sells 10 fewer units. The marginal revenue is
A) $10. B) -$10. C) $0. D) impossible to determine with the information provided.