A monopolistically competitive firm is one:
A. of many firms that all sell the exact same product.
B. that behaves like a monopolist.
C. of many firms that sell products that are close but not perfect substitutes.
D. of a small number of firms that sell products that are close but not perfect substitutes.
Answer: C
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If a U.S. company imports 10 Toyotas from Japan at $15,000 each, and the Japanese company buys airline tickets on a U.S. airline with the money, how does this affect the U.S. balance of payments accounts?
A) Decline in merchandise trade; increase in financial account B) Decline in financial account; increase in merchandise trade C) Decline in merchandise trade; increase in services D) Decline in services; increase in merchandise trade
Investment spending ________
A) is comprised of fixed and inventory investment B) is negatively related to the real interest rate C) is heavily influenced by what Keynes coined as "animal spirits" D) all of the above E) none of the above
Which of the following inputs is normally considered to be variable in the short run?
A) labor B) capital C) money D) time
___________ is a winning strategy in a game of bargaining.
A. First-mover advantage B. Patience C. Cooperation D. Self-interested behavior