A monopoly has:
A. no competition at all.
B. just a few large competitors.
C. many competitors.
D. no ability to set price.
A. no competition at all.
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Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________
A) increase; average price; decrease B) increase; average price; increase C) increase; average cost; decrease D) decrease; markup; decrease E) increase; marginal cost; decrease
Two products that are usually consumed jointly would be referred to as
a. substitutes. b. complements. c. inferior goods. d. unrelated goods.
If a firm experiences diminishing marginal productivity of labor, the total-cost curve gets flatter as the quantity of output increases
a. true b. false
Discuss the problems that can arise when a government experiences a chronic budget deficit
Please provide the best answer for the statement.