A monopolistically competitive market is characterized by:
a. many small sellers selling a differentiated product.
b. a single seller of a product that has few suitable substitutes.
c. very strong barriers to entry.
d. mutual interdependence in pricing decisions.
a
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Suppose two nations are seeking to expand their commercial relations. What options do they have in terms of addressing conflicts in standards? Describe each and what conditions might favor different approaches to setting standards
What will be an ideal response?
Why are financial-sector crises scarier than collapses in other sectors of the economy?
A. Financial-sector crises happen more often than collapses in other sectors. B. If the financial sector fails, it can bring the whole economy down with it. C. The financial sector is the biggest sector. D. Most people work in the financial sector.
A federal budget ________ occurs when the federal government spends more than it collects in taxes.
A. surplus B. deficit C. equilibrium D. ceiling
If total variable cost exceeds total revenue at all output levels, a perfectly competitive firm
A) should produce in the short run. B) is making short-run profits. C) should shut down in the short run. D) has covered its fixed cost.