Which of the following is a reason for the fast-food outlet McDonald's to be considered a monopolistic competitor?
A. McDonald's produces an identical product.
B. McDonald's competes with almost a quarter million other fast-food outlets.
C. McDonald's demand curve is a horizontal line.
D. None of these statements support a monopolistic competitor.
B. McDonald's competes with almost a quarter million other fast-food outlets.
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In the above figure, which point represents an attainable but inefficient production point?
A) point C B) point N C) point L D) point D
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the 4th worker?
A) $300 B) $50 C) $70 D) $10
When Tesla, a U.S. company, purchases Italian-made Pirelli tires for its automobiles, the purchase is
A) neither an export nor an import for either country. B) both a U.S. and an Italian import. C) a U.S. export and an Italian import. D) a U.S. import and an Italian export.
During hyperinflation, exploding inflation causes real money demand to
A) fall over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises. B) increase over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises. C) fall over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises. D) increase over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises. E) fall over time, and this additional monetary change makes money prices decrease even less quickly than the money supply itself rises.