There is easy entry into the ________ and ________ industries.
A. oligopolistic; monopolistic
B. monopolistic; perfectly competitive
C. perfectly competitive; monopolistically competitive
D. monopolistically competitive; oligopolistic
Answer: C
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If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
According to Ricardian Equivalence, crowding-out ________
A) is incomplete B) will raise the level of domestic income C) is complete D) does not play a role in influencing private investment levels
The assumptions about tastes and behavior to model the trading between two people do NOT include
A) utility maximization. B) convex indifference curves. C) nonsatiation. D) interdependence.
Refer to Figure 7.1. At output level Q1
A) marginal cost is falling. B) average total cost is falling. C) average variable cost is less than average fixed cost. D) marginal cost is less than average total cost. E) all of the above