A monopolistically competitive market has characteristics that are similar to
a. a monopoly only.
b. a competitive firm only.
c. both a monopoly and a competitive firm.
d. neither a monopoly nor a competitive firm.
c
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Consider the income and substitution effects corresponding to an increase in the price of X. Which of the following are not possible?
a. The substitution effect on X is positive and the income effect is negative. b. The substitution effect on X is positive and the income effect is negative. c. The substitution effect on Y is negative and the income effect on X in negative. d. The income effect on both goods is positive.
The higher the HHI
A) the less dominated a market is by a single firm. B) the more competitive is the market. C) the more dominated a market is by a single firm. D) the less likely the Sherman Act will be applied to a firm.
Which of the following does the long-run Phillips curve tell us?
a. That the Fed can select any rate of unemployment it wants in the long run b. That the Fed can select any rate of inflation and unemployment rate it wants in the long run c. That the Fed can select neither the rate of inflation nor the rate of unemployment in the long run d. That there is a tradeoff between the rate of inflation and the rate of unemployment in the long run e. That the Fed can select any rate of inflation it wants in the long run
Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
What will be an ideal response?