A monopolistic ally competitive industry is like a purely competitive industry in that:
A. Each industry produces a standardized product
B. Non price competition is a feature in both industries
C. Neither industry has significant barriers to entry
D. Firms in both industries face a horizontal demand curve
C. Neither industry has significant barriers to entry
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The table above gives the CPI market basket for 2010 and 2011. Suppose that 2010 is the reference base period
a. What is the cost of the CPI market basket in 2010? b. What is the cost of the CPI market basket in 2011? c. What is the CPI for 2010? d. What is the CPI for 2011?
Foreign aid often becomes a source of discretionary funds that benefit poor people in developing countries and not the countries' leaders
a. True b. False
Suppose that in a country people gain more confidence in the banking system and so hold relatively less currency and more deposits, then bank reserves will
a. decrease and the money supply will eventually decrease. b. decrease and the money supply will eventually increase. c. increase and the money supply will eventually decrease. d. increase and the money supply will eventually increase.
The budget constraint shows that
A. the consumer faces a trade-off in the consumption of goods. B. as consumers spend more on one good, they spend more on others. C. the consumer can have as many goods as he wants. D. total income equals total spending on one good.