"It is clear from the theory of monopolistic competition that product development is not pushed to its efficient level." This statement is
A) false because there is so much product differentiation in monopolistic competition.
B) true because there is little incentive to innovate in monopolistic competition.
C) false because there are so many wasteful innovations in monopolistic competition that are merely cosmetic.
D) true because price exceeds marginal revenue in monopolistic competition.
D
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Since 1980, ________ are subject to reserve requirements
A) only commercial banks B) only the member institutions of the Federal Reserve C) only nationally chartered depository institutions D) all depository institutions
Explain the difference between fixed costs in the short run and fixed costs in the long run
What will be an ideal response?
Which of the following statements is true?
a. b and d. b. Total revenue is maximized when elasticity is one. c. Goods are said to be price inelastic when the elasticity is greater than two. d. Demand for milk is more elastic than demand for football tickets. e. Demand for 5-cent candy is more elastic than demand for sweaters.
If Armenia can produce rugs more efficiently than any other country, it does not necessarily benefit from producing rugs for international trade
a. True b. False