Monopolistic competition is a market structure in which
A) a small number of firms compete.
B) firms produce identical products.
C) firms compete only on product price.
D) firms are free to enter and exit the market.
D
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If demand is ________ with respect to price, a price increase will ________ total revenue.
A. inelastic; decrease B. inelastic; increase C. elastic; increase D. unit elastic; decrease
If the demand for cream cheese produced by a dairy is perfectly elastic, then:
a. the demand curve will be vertical. b. the demand curve will be horizontal. c. the demand curve will be upward sloping. d. the demand curve will be downward sloping. e. the demand curve will initially slope upward and then slope upward.
Which of the following countries averaged GDP growth (after adjusting for inflation) of at least 5% per year both from 1990 to 2000 and from 2000 to 2008, and therefore, can be grouped into the fast-growth category?
a. Mozambique b. Central African Republic c. Guinea-Bissau d. Haiti
Holding other factors constant, a higher relative price of a firm's output will:
A. increase national saving. B. increase investment. C. decrease investment. D. decrease national saving.