For a monopolistically competitive firm, its demand curve is the same as its marginal revenue curve.
Answer the following statement true (T) or false (F)
False
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As the U.S. price level rises relative to price levels in other countries, what would happen in the U.S.?
a. consumption and net exports would decline b. consumption and net exports would increase c. consumption would increase and net exports would decrease d. consumption would decrease and net exports would increase e. consumption and net exports would remain constant
As inflation drives up prices, people attempt to find substitutes and adjust what they buy. The resulting substitution bias problem causes the CPI to:
A. overstate the impact of higher prices on consumers. B. consistently underestimate the true inflation rate. C. omit the benefits of product quality improvements. D. have larger fluctuations than other price indexes.
Consider the following data that describe the relationship between income and a tax.IncomeTaxes$20,000$3,40016,0003,00012,0002,4008,0001,6004,000800The tax may be best described as
A. proportional at lower income levels and progressive at higher income levels. B. proportional at lower income levels and regressive at higher income levels. C. regressive at lower income levels and proportional at higher income levels. D. regressive at lower income levels and progressive at higher income levels.
In a move up the IS curve,
A) investment rises. B) output falls. C) the real interest rate falls. D) saving rises.