The main difference between perfect competition and monopolistic competition is
A) the number of sellers in the market.
B) the ease of exit from the market.
C) the difference in the firm's profits in the long run.
D) the degree of product differentiation.
D
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Consider the following pairs of items:
a. shampoo and conditioner b. iPhones and earbuds c. a laptop computer and a desktop computer d. beef and pork e. air-travel and weed killer Which of the pairs listed will have a negative cross-price elasticity? A) a and b only B) c and d only C) e only D) a, b, and c only
As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is
a. diminishing returns have set in b. the division of labor creates greater productivity c. the firm has hired another boat d. all tasks are shared by all workers e. less qualified workers are becoming available
If wages are "sticky downwards", then wages ________.
A. resist falling when there is an excess supply of labor B. fall when there is an excess demand for labor C. fall when there is an excess supply of labor D. resist rising when there is an excess demand for labor
The authors argue that the best way to think of competition is
What will be an ideal response?