With specialization in a market economy, individual:
A. Firms produce a wide range of products
B. Producers consume little or none of the products they produce
C. Producers consume most of the output that they produce
D. Consumers have to produce most of what they consume
Answer: B
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Using the above figure, the origin is at which point?
A) point a B) point b C) point c D) None of the points in the figure is the origin.
Competitive price-taker markets are characterized by
a. low entry barriers and a large number of firms selling a homogeneous product. b. intense rivalry among firms selling differentiated products. c. quality competition among firms and a wide variety of products. d. advertising.
European currencies taken out of circulation and replaced with the Euro in
A) 1992. B) 1997. C) 1999. D) 2004. E) none of the above
Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. In this monopolistically competitive industry, in the long run
A. product supply will decrease so prices will go up. B. firms will suffer economic losses profits. C. firms will enter until all firms break even economically. D. demand for the product will increase so that profits are increased.