An important difference between a perfectly competitive market and a monopolistically competitive market is that, in the latter,
a. there are more sellers of the good
b. there are only a few large sellers
c. there are no barriers to entry or exit
d. there is only one seller of the good
e. the product is not standardized
E
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) producer surplus equals area(s)
A. J + I. B. E + F + J + I. C. E + F. D. J.
The Fed has adopted an interest rate target for most of the time since World War II
Indicate whether the statement is true or false
Individuals have a tradeoff between leisure and work. When income from working is taxed, the cost of leisure is reduced in relative terms
a. True b. False Indicate whether the statement is true or false
a. The buyer has more information than the seller about whether they are high or low risk.
a. Asymmetric information b. Imperfect information c. Adverse selection d. Moral hazard