Which of the following is typically not classified as a monopolistically competitive industry?
A. Restaurants and fast food chains
B. Grocery stores
C. Gas stations
D. All of these choices are typically monopolistic competitors.
D. All of these choices are typically monopolistic competitors.
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What is the most common reason people demand money?
A) Each bill and coin is a reflection of important people and events in a nation's history. B) Since very few of us engage in a flow of transactions, money is our financial safety net. C) People desire to use money as a medium of exchange when they buy goods and services. D) They demand money to ensure that the nation's government will not spend too much.
A vast majority of mandatory federal spending is devoted to
A) entitlement programs. B) national defense. C) interest on the national debt. D) foreign aid.
Explain what a "perfectly contestable" market means. Give an example of a perfectly contestable market. Explain why the outcome in a perfectly contestable market is that firms produce efficiently
What will be an ideal response?
Gross domestic product is calculated by summing up
A) the total market value of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total quantity of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a period of time.