A monopolistically competitive industry is characterized by having no barriers to entry.
Answer the following statement true (T) or false (F)
True
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If the real interest rate falls, there is
A) a leftward shift of the supply of loanable funds curve and no shift in the demand for loanable funds curve. B) an upward movement along the supply of loanable funds curve. C) a downward movement along the supply of loanable funds curve. D) a rightward shift of the supply curve of loanable funds and no shift in the demand for loanable funds curve. E) a leftward shift of the supply of loanable funds curve and a rightward shift in the demand for loanable funds curve.
Unemployment rates were much higher in the 1980s than they were in the 1950s basically because
A) a higher percentage of the population was in the labor force in the 1980s, but the cost to many of them of being unemployed was much lower than it was in the 1950s. B) automation has eliminated many unskilled jobs. C) fewer jobs are available in the 1980s relative to the population. D) inflation raises unemployment rates. E) recessions have become much more severe since the 1950s.
Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A $6, Firm B $7, Firm C $10, and Firm D $12
If the market price is $11 then the market supply for this good will be A) 3 units. B) 4 units. C) 1 unit. D) 2 units.
Compared to perfect competition, the consumer surplus in a monopoly
A) is lower because price is higher and output is lower. B) is unchanged because price and output are the same. C) is eliminated. D) is higher because price is higher and output is the same.