In monopolistically competitive markets, products are ________ and there ________ barriers to entry
A) identical; are no
B) differentiated; are no
C) identical; are
D) differentiated; are
B
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If a company could spend $3 per bicycle on a safety device that would prevent $2,000 worth of harm for every 1,000 bicycles sold, spending the $3 would be a cost-justified precaution
Indicate whether the statement is true or false
The quantity supplied of a good or service is the amount that
A) producers wish they could sell at a higher price. B) is actually bought during a given time period at a given price. C) people are willing to buy during a given time period at a given price. D) producers plan to sell during a given time period at a given price.
If an American firm produces goods that are sold to a German household, then
A) German GDP increases but not U.S. GDP. B) U.S. GDP increases. C) the transaction is considered an export in the German GDP accounts. D) net exports in the United States will not change because an export immediately generates an offsetting import.
What problems does a command economy face when it tries to determine what to produce for the economy?
What will be an ideal response?