Movies are a major export of the U.S
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is true about monopolistic competition but false about perfect competition?
A) There is a large number of independently acting sellers. B) There are no barriers to entry. C) Firms can earn an economic profit in the short run. D) Firms compete on their product's price as well as its quality and marketing. E) Firms cannot earn an economic profit in the long run.
The longer a patent lasts,
A) the greater the potential economic profits available to an innovator. B) the lower the deadweight loss. C) the lower the average costs of production. D) the less innovation there will be.
If real GDP increased during a year, then output must have increased.
Answer the following statement true (T) or false (F)
When Scuba, Inc., lowered the price of a tank of compressed air by 20 percent, it sold 10 percent more tankfuls. The price elasticity for compressed air is
A. 2 B. 1/2. C. 1 D. 20