In the model of monopolistic competition, trade costs between countries will cause domestic and foreign markets to have ________ prices, ________ quantities sold, and ________ profit levels
A) different; different; different
B) identical; different; different
C) different; different; identical
D) identical; different; identical
E) identical; identical; different
A
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As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise
Indicate whether the statement is true or false
Which of the following could explain an increase in the equilibrium wage rate for a particular job?
a. a decrease in the amount of training needed to perform this job b. an increase in the amount of risk associated with this job c. a decrease in the amount of risk associated with this job d. an improvement in the working conditions associated with this job e. increased migration of workers to this geographic location
"If Congress cuts income taxes, demand for output is likely to increase" is a ________ statement about ________ policy.
A. positive; fiscal B. positive; monetary C. normative; monetary D. normative; fiscal
Suppose consumer tastes and preferences shift from pizza to tacos. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices.
A. increasing; decreasing B. decreasing; increasing C. decreasing; decreasing D. increasing; increasing