In an economy where firms in most industries are monopolistically competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output
A) differentiated; large
B) differentiated; small
C) standardized; large
D) standardized; small
A
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Economists use a model that is a literal description of business’ behavior.
Answer the following statement true (T) or false (F)
Refer to Table 2-15. What is George's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated D) one and a half lawns mowed
The process of rapidly adjusting prices based on information gathered on consumers' preferences and their responsiveness to changes in price is called
A) elasticity management. B) marketing. C) yield management. D) brand management.
The "wealth effect" of lower interest rates is that bond prices are __________ so people respond to this by __________ consumption and thus __________ aggregate demand
A) increased; increasing; increasing B) increased; increasing; decreasing C) lowered; increasing; increasing D) lowered; increasing; decreasing