The key characteristics of a monopolistically competitive market structure include
A) many small (relative to the total market) sellers acting independently.
B) barriers to entry are strong.
C) all sellers sell a homogeneous product.
D) sellers have no incentive to advertise their products.
A
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If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP remains the same and average price level falls. b. Real GDP remains the same and average price level rises. c. Real GDP remains the same and average price level remains the same. d. Real GDP falls and average price level rises. e. Real GDP falls and average price level falls.
What is human capital, and what factors contribute to human capital development?
What will be an ideal response?
Economists often refer to "good deals" as
A. efficient market outcomes. B. those with no opportunity cost. C. profit opportunities. D. break-even propositions.
Refer to the information provided in Figure 13.11 below to answer the question(s) that follow.
Figure 13.11Refer to Figure 13.11. Suppose a monopolist faces the demand and costs in the figure and is able to perfectly price discriminate. What is the value of the deadweight loss?
A. $0 B. $16,000 C. $32,000 D. Indeterminate from the given information.