In the long run, the representative firm in monopolistic competition tends to have
A. economic profits
B. no product differentiation.
C. a perfectly elastic demand curve.
D. excess capacity.
Answer: D
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The types of loans the Fed makes consist of each of the following, except:
A. seasonal credit. B. primary credit. C. secondary credit. D. conditional credit.
Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?
a. 8 b. 10 c. 80 d. 120
In macroeconomics, the vertical axis in a supply-demand model measures the price level rather than a particular product’s price.
Answer the following statement true (T) or false (F)
According to the law of demand, a demand curve:
a) Is downward sloping. b) Is upward sloping. c) Can slope either upward or downward based on consumer behavior. d) Is a horizontal, or flat, line.