The demand curve facing a firm in monopolistic competition is elastic
Indicate whether the statement is true or false
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Refer to Table 9-7. Fill in the following table with the opportunity costs of producing handbags and jackets for Cambodia and Thailand
Handbags Jackets Cambodia Thailand
The winner's curse is more likely
a. when there is only one bidder b. when demand for the good being auctioned is increasing c. when the value of the good being auctioned is common knowledge d. when the value of the good being auctioned is uncertain e. when the marginal cost of information is low
If cable TV service and satellite TV service are substitutes,
a. a decrease in the price of cable will decrease the demand for satellite TV. b. an increase in the price of cable will decrease the demand for satellite TV. c. an increase in the price of cable will generally have no effect on the demand for satellite TV. d. an increase in the price of cable will shift the demand curve for satellite TV to the left.
An individual deciding how to allocate her limited time is dealing with both scarcity and trade-offs
a. True b. False Indicate whether the statement is true or false