Which of the following statements correctly identifies a similarity between monopoly and perfect competition?
A) Entry is restricted in both market structures.
B) Price equals marginal cost in both market structures.
C) Production is expanded until marginal revenue equals marginal cost in both the market structures.
D) Firms face an upward sloping demand curve and a downward sloping marginal revenue curve in both the market structures.
C
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Both increases in the price level and increases in real GDP will decrease the demand for money
Indicate whether the statement is true or false
The figure above shows
A) a positive relationship. B) a direct relationship. C) a negative relationship. D) no relationship between the variables.
Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only. B) perfect competition only. C) both perfect competition and monopolistic competition. D) market structures in which there are barriers to entry.
McDonald's Corporation lost a battle to keep a Singapore firm, Future Enterprises, from selling goods under the labels MacNoodles, MacTea, and MacChocolate. In this case, the court system in Singapore was defining:
A. property rights. B. globalization. C. limited liability. D. consumer sovereignty.