The market demand for the product of a monopolistic competitor will likely be
A) unitary elastic.
B) relatively inelastic.
C) relatively elastic.
D) perfectly elastic.
Answer: C
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Which statement is false?
A. During the Great Depression millions of working-class and middle-class people demanded welfare payments. B. Until the 1930s the prevalent theory of poverty was that the poor were lazy. C. The heritage of slavery theory explains most poverty in this country. D. None of these statements are false.
A pay cap, acting as a price ceiling, for superintendent pay would do what in the labor market?
A. Decrease the supply of superintendents. B. Cause a shortage of superintendents. C. Increase the demand of superintendents. D. Cause a surplus of superintendents.
If two resources are highly substitutable for one another:
A. a decrease in the price of one will increase unit costs of production. B. an increase in the price of one will increase the demand for the other. C. an increase in the price of one will reduce the demand for the other. D. a decrease in the price of one will increase the demand for the other.
Economic growth can be shown by
A. no change in the long-run aggregate supply curve. B. a leftward shift in the long-run aggregate supply curve. C. a rightward shift in the long-run aggregate supply curve. D. a leftward shift in the production possibilities curve.