Which of the following is an example of a monopolistically competitive industry?
a. electric lamp bulbs
b. aircraft manufacturing
c. corn
d. sweaters
d
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Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of the shirts falls from $28 to $20
A) Harriet will receive more consumer surplus than Tom or Dick. B) Tom will buy two shirts; Dick and Harriet will each buy one shirt. C) consumer surplus increases from $14 to $35. D) consumer surplus will increase from $70 to $95.
Refer to Figure 9-2. The tariff revenue collected by the government equals the area
A) D + E + F. B) B + D + E + F. C) E. D) C + D + E + F.
All of the following statements about secondary credit are true EXCEPT
A) they are temporary, short-term loans to satisfy seasonal requirements. B) the secondary credit interest rate is set above the primary credit rate. C) it is intended for banks not eligible for primary credit. D) borrowers of secondary credit are less financially healthy.
Which U.S. president, when asked why he had proposed a tax cut, responded by saying "To stimulate the economy. Don't you remember your Economics 101?"
a. Dwight D. Eisenhower b. John F. Kennedy c. Ronald Reagan d. Bill Clinton