Is there a similarity between a monopoly and a monopolistically competitive firm in the long run? Explain your answer
What will be an ideal response?
Both a monopoly and a monopolistically competitive firm charge a price higher than marginal cost in the long run.
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Between 1870 and 1910, corn and wheat
a. output showed little, if any, growth in land productivity. b. output increased dramatically, due to labor productivity increases. c. yields per acre hardly changed. d. output increased dramatically due to the effects of increased amounts of capital per worker. e. All of the above are correct.
TANF sets a lifetime cap for benefits at 10 years
a. True b. False Indicate whether the statement is true or false
When the price of a good decreases:
A. the good becomes less expensive relative to other goods and the consumer's purchasing power increases. B. the good becomes less expensive relative to other goods and the consumer's purchasing power decreases. C. the good becomes more expensive relative to other goods and the consumer's purchasing power increases. D. the good becomes more expensive relative to other goods and the consumer's purchasing power decreases.
Which of the following is NOT included when calculating GDP?
A. the dollar value of tuition expenditures at a community college B. the dollar value of a newly issued corporate bond C. the dollar value of a new iPhone D. the dollar value of a new car