__________________ is the crucial characteristic of monopolistic competition.
A. Product differentiation
B. Price discrimination
C. Economies of scale
D. Identical products
A. Product differentiation
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An increasing-cost industry will have
A) a perfectly elastic long-run supply curve. B) a perfectly inelastic long-run supply curve. C) an upward sloping supply curve in the long run. D) an upward sloping demand curve in the long run.
Which of the following scenarios is not consistent with the Laffer curve?
a. The tax rate is very low, and tax revenue is very low. b. The tax rate is very high, and tax revenue is very low. c. The tax rate is very high, and tax revenue is very high. d. The tax rate is moderate (between very high and very low), and tax revenue is relatively high.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Information that is not available to the general public about what is happening in a corporation is
A) opportunity benefit. B) limited liability. C) economic rent. D) inside information.