Each firm in a monopolistically competitive market faces a perfectly inelastic demand curve for its product
a. True
b. False
Indicate whether the statement is true or false
False
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Alison is deciding how to spend the next hour. We ask her to rate the utility she would get from an hour of each activity. She would get utility of 4 from an hour of reading, utility of 2 from an hour of playing video games, and utility of 6 from jogging. Based on this information, economists could predict that Alison will:
A. read. B. play video games. C. go jogging. D. do nothing, since none of the activities give her utility greater than 10.
A typical worker's normal or average income is called
a. the life cycle. b. permanent income. c. transitory income. d. in-kind transfers.
Explain the principal–agent problem for representative democracy
Please provide the best answer for the statement.
________ was the major system of exchange rate determination from the end of World War II until 1971.
A. The gold standard B. The freely-floating system C. The managed-floating system D. The Bretton Woods system