The restaurant market in San Francisco is probably best categorized as:
a. perfectly competitive
b. monopolistic.
c. monopolistically competitive.
d. oligopolistic.
c
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The maximum value that the Herfindahl-Hirschman Index can attain is
A) 1. B) 10. C) 100. D) 10,000.
Explain how short-run and long-run equilibrium in monopolistic competition differ. Use graphs to illustrate your answer. Be sure that your graphs are completely and correctly labeled.
What will be an ideal response?
The principle of opportunity cost:
A. is more relevant for firms than for individuals. B. only refers to monetary payments. C. is only relevant in economics. D. is applicable to all decision-making.
Refer to the information provided in Figure 6.7 below to answer the question(s) that follow.
Figure 6.7Refer to Figure 6.7. Along budget constraint AB, the price of good X is $25 and the price of good Y is $18. If the price of Y decreases to $14, the budget constraint will
A. shift in parallel to AB. B. pivot out at point A. C. pivot in at point A. D. pivot in at point B.