Suppose some firms exit a monopolistic competition industry. We would expect the demand curve of a firm already in the industry to:
A. become more elastic.
B. remain the same since entering firms serve other customers in the market.
C. shift to the right.
D. shift to the left.
Answer: C
Economics
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If variables x and y move up and down together, they are
A) positively related. B) negative related. C) unrelated. D) trend related.
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GDP is a measure of an economy's:
A. domestic price level. B. domestic productivity. C. level of unemployment. D. total output.
Economics
The long-run aggregate supply curve is
A. upward sloping. B. horizontal. C. downward sloping. D. vertical.
Economics
The number of transactions a typical dollar is used in during a given period is called the:
A. transaction velocity. B. transaction rate. C. quantity theory of money. D. velocity of money.
Economics