The ________ is the chief executive body of the European Union (EU)
A) European Parliament
B) European Executive Branch
C) European Trade Body
D) European Commission
D
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Long-run equilibrium under monopolistic competition is similar to that under perfect competition in that
A) firms earn normal profits. B) price equals marginal revenue. C) price equals marginal cost. D) firms produce at the minimum point of their average cost curves.
The two-period dynamic monopoly model is more useful than the static monopoly model in analyzing monopoly behavior when
A) the product produced requires a bandwagon effect. B) the product produced generates a positive network externality. C) the monopoly initially uses a lower introductory price. D) All of the above situations.
If the slope of the rays from the origin to the total variable cost curve declines along the curve, it implies:
a. the average variable cost is falling. b. the marginal cost is falling. c. the average variable cost is rising. d. the marginal cost is rising.
At least in the short run, each of these factors has increased competition except
A. the entry of foreign firms. B. the growth in size of many American firms. C. the rise of the service industries. D. the rise of new industries.