A monopolistically competitive firm can convince buyers that its product has value by differentiating its product to suit consumers' preferences
Indicate whether the statement is true or false
TRUE
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"The economic wealth of this country is primarily the result of the profit made by some individuals at the expense of others." The person who made this statement
a. has failed to comprehend that mutual gains result from specialization and exchange. b. has failed to comprehend the fallacy of composition. c. has failed to understand the significance of the production possibilities constraint. d. has utilized the economic way of thinking; the statement is essentially correct.
In the 2008 presidential election campaign, then-candidate Obama proposed renegotiating NAFTA to provide greater protections for
A. Canadian corporations. B. workers. C. U.S. corporations. D. drug traffickers.
In the Keynesian model, a $1 billion increase in autonomous consumption leads to ________ in short-run equilibrium output.
A. a $1 billion decrease B. a $1 billion increase C. no change D. a greater than $1 billion increase
In the above figure, the slope across the arc between b and c is
A) 1/2. B) 2/3. C) 1. D) 2.