A monopolistically competitive market is characterized by:
a. one firm selling a unique product.
b. many firms selling identical products.
c. many firms selling similar but differentiated products.
d. few firms selling identical products.
e. few firms selling similar but differentiated products.
c
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Over the past 100 years real GDP per person in the United States, on average, has
A) decreased by about 5 percent per year. B) increased by about 2 percent per year. C) increased by about 5 percent per year. D) increased by about 10 percent per year.
Refer to Figure 13-1. Ceteris paribus, a decrease in the value of the domestic currency relative to foreign currencies would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Suppose the market for "soda X" is in equilibrium. If the FDA announced today that this soda has been proven to cause a fatal disease, what would be most likely to happen to the equilibrium price and equilibrium quantity of soda X?
a. price increases and quantity increases b. price decreases and quantity increases c. price increases and quantity increases d. price decreases and quantity decreases e. no change in price and quantity
When exchange rates are set by government decree,
a. appreciation is called devaluation. b. depreciation is called devaluation. c. depreciation is called deflation. d. appreciation is called inflation.