In a monopolistically competitive market,
a. strategic interactions among the firms are very important.
b. the threat of entry by new firms is not an important consideration.
c. the attainment of a Nash equilibrium is an important objective.
d. firms may enter even though they will earn zero economic profit in the long run.
d
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If an undervalued currency is allowed to float:
A) its value will depreciate. B) its quantity supplied in exchange for the other currency will decrease. C) its quantity demanded in exchange for the other currency will increase. D) its value will appreciate.
For the past year, Teddy has had a part-time job at which he is willing to work 10 hours each week. During Teddy's annual review, his boss grants him an 8 percent increase in his wage
As a result of the wage increase, Teddy is now willing to work 15 hours each week. Teddy's opportunity cost of ________ has risen and because for Teddy the substitution effect of the wage hike is ________ than the income effect. A) work; greater B) work; less C) leisure; greater D) leisure; less
What is the difference between the accountant’s concept of profit and the economist’s view of profit?
What will be an ideal response?
Demand-pull inflation is most likely to occur during a period of
a. stagflation b. rising input costs c. rising unemployment d. military expansion e. corporate restructuring