Which of the following is an example of a monopolistically competitive market?
A) The market for wheat
B) The market for coffee beans
C) The market for shampoo
D) The market for premium cars
C
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Holding everything else constant, the demand for a good tends to be more elastic
A) the more substitutes there are for the good. B) the less important the product is in consumers' budgets. C) the shorter the time period involved. D) the more consumers perceive the good to be a necessity.
Seasonal credit provided by the Fed is not as common as it used to be because:
A. there are fewer banks in seasonal areas. B. seasonal credit has been replaced by secondary credit. C. other sources for long-term loans have developed for banks in seasonal areas. D. seasonal credit is being replaced by primary credit.
The purpose of chain-weighted price adjustments in the calculation of GDP is to
A. Adjust for changes in average prices. B. Adjust for changes in relative prices. C. Convert NDP to GDP. D. Adjust for changes in production.
Suppose a firm produces the level of output at which the marginal cost of the last unit produced equals the price of the good. Which of the following statements is always true?
A. The firm should shutdown if its total revenue is less than its variable cost. B. The firm will earn a positive economic profit. C. The firm should produce more if its economic profit is positive. D. The firm is maximizing its profit.