Because the products of firms in a monopolistically competitive market are NOT homogeneous, the
A. demand curve for the firm's product is downward sloping.
B. demand curve for the firm's product is horizontal.
C. demand curve for the firm's product is upward sloping.
D. demand curve for the industry is the same for the firm.
Answer: A
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In the United States, ________ percent of all firms are partnerships
A) 4 B) 10 C) 14 D) 26
The MU/P of a good will decrease when there is a(n)
a. fall in the price of the good b. increase in its marginal utility c. increase in the price of a good d. increase in consumer surplus e. decrease in income
In determining the beginning of recessions, the NBER Business Cycle Dating Committee looks for evidence of decline in:
A. the entire economy. B. the rate of inflation. C. specific sectors of the economy. D. the stock market.
In terms of the production possibilities curve, inefficiency is represented by
A. All points inside the curve. B. A rightward shift of the curve. C. All points outside the curve. D. All points on the curve.