A monopolistically competitive firm always faces a(n) ________
A) horizontal demand curve
B) vertical demand curve
C) upward sloping demand curve
D) downward sloping demand curve
D
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John Maynard Keynes wrote that economies can suffer recession or depression for many years if the government does not intervene.
Answer the following statement true (T) or false (F)
If the price of output increases, the marginal revenue product curve will shift ________ and the profit maximizing quantity of labor demanded will ________.
A. up; increase B. up; decrease C. down; increase D. down; decrease
Labor productivity rises when
A. average worker output rises. B. nominal wages fall. C. business investment falls. D. average worker output falls.
Governments choose to pursue industrial policy to:
A. regulate the growth of certain industries. B. raise tax revenue. C. spur economic growth. D. create publicly owned companies.