One difference between perfect competition and monopolistic competition is that
A) a perfectly competitive industry has fewer firms.
B) in perfect competition, firms produce slightly differentiated products.
C) monopolistic competition has barriers to entry.
D) firms in monopolistic competition face a downward-sloping demand curve.
D
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A lower level of income causes the demand for money to ________ and the interest rate to ________, everything else held constant
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase
A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
a. Wages will rise, and quantity of labor will fall. b. Wages will rise, and quantity of labor will rise. c. Wages will fall, and quantity of labor will fall. d. Wages will fall, and quantity of labor will rise. e. Wages and quantity of labor will remain the same.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
The marginal cost curve always intersects the average total cost curve at the point at which the average total cost curve
A) is zero. B) is at its minimum. C) is at its maximum. D) has a vertical slope.