The demand curve for monopolistic competitive firms is
A. slightly elastic because there are few substitutes for the product.
B. slightly elastic because there are many substitutes for the product.
C. very elastic because there are few substitutes for the product.
D. very elastic because there are many substitutes for the product.
D. very elastic because there are many substitutes for the product.
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The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for coffee after severe weather destroys a large portion of the coffee crop?
A) Graph A B) Graph B C) Graph C D) Graph D
The statement "It would be better to put up with price controls than to have continuing higher medical care prices" is an example of normative economic analysis
a. True b. False Indicate whether the statement is true or false
People accept fiat money because: a. they can exchange it for gold whenever they want
b. they can sell the currency notes as a commodity as well. c. the government backs its value with a promise. d. they can consume it as a good if required.
If the prices of imported resources decrease, then this event would most likely:
A. increase aggregate demand. B. decrease aggregate supply. C. decrease aggregate demand. D. increase aggregate supply.