The key feature of monopolistic competition is
A. product differentiation.
B. interdependence of the firms.
C. lack of advertisement.
D. the small number of firms in the industry.
Answer: A
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In some markets, demand can be approximated by Q = 50?5P + 10Ywhere Q is quantity, P price per unit, and Y = buyers’ income. Supply can be approximated by Q =?5 + 10P. a. If Y = 20, what is equilibrium price and output? b. If Y rises to 25, what is the new equilibrium price and output? ?
What will be an ideal response?
Compared to the situation before international trade, after the United States exports a good production in the United States ________ and consumption in the United States ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
At the state and local levels in the United States, the largest source of tax revenue is
A) grants from the federal government. B) property tax on real estate. C) sales tax. D) individual income taxes.
The Doha Round of international trade talks concluded in 2007 with the successful establishment of a general free trade agreement between developing and developed nations
Indicate whether the statement is true or false