A market is called monopolistically competitive if each firm has the same product but consumers can choose to purchase the product from any firm.
Answer the following statement true (T) or false (F)
False
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For choice sets generated from endowment bundles, the budget line will shift parallel if both prices change by the same proportion.
Answer the following statement true (T) or false (F)
In this graph for negative externalities in production, what is true at Q1?
a. The firm would be better off if production was lowered.
b. Society would be better off if production was lowered.
c. Marginal benefits are greater than marginal costs.
d. Marginal benefits are less than marginal costs.
Assume someone organizes all farms in the nation into a monopoly. Which of the following occurs? i. Consumer surplus decreases. ii. Economic profit increases. iii. A deadweight loss is created
A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
According to the table above, the money income distribution is ________ unequal than the market income distribution because ________ income reflects income redistribution through taxes and benefits
A) less; money B) less; market C) more; money D) more; market