A monopolistically competitive industry has
A. a differentiated product and significant barriers to exit and entry.
B. a differentiated product and the ability to make a long-run profit.
C. a differentiated product and a small influence over price.
D. identical products and ease of exit and entry.
C. a differentiated product and a small influence over price.
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A country imported goods and services worth $10 billion and exported goods and services worth $11.1 billion during a particular year. This implies that the country experienced a ________ during that year
A) trade surplus B) budget surplus C) budget deficit D) trade deficit
In order to influence the interest rate, the Federal Reserve System can immediately adjust the
A) reserves of the banking system. B) inflation level. C) unemployment rate. D) taxes that citizens must pay. E) amount the government borrows.
A high school student who voluntarily includes a writing sample with their college application is an example of:
A. signaling. B. screening. C. building a reputation. D. statistical discrimination.
In a market economy:
a. collective decision-making is more important than individual decision-making. b. goods and services are distributed as if by an "invisible hand" to those who can not afford them. c. profit provides an incentive to be productive. d. the distribution of wealth is equitably distributed.