Which of the following is a characteristic of the monopolistic competition market structure?
a. Many firms and a homogeneous product.
b. Few firms and differentiated products.
c. Few firms and similar products.
d. Few firms and a homogeneous product.
e. Many firms and differentiated products.
e
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Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline,
A) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the supply curve shifted to the left resulting in an increase in the equilibrium price. D) the supply curve shifted to the right resulting in an increase in the equilibrium price.
Senior citizens can buy movie tickets at a lower price than the general public. This is an example of
A) age discrimination. B) demand discrimination. C) price discrimination. D) price differentiation.
Which of the following changes shifts the SRAS curve up?
A. A decrease in the labor force B. An increase in government purchases C. A decrease in the money supply D. An increase in firms' costs
One reason lenders usually require a lot of information from loan applicants is to avoid:
A. the problem of adverse selection. B. charges of discrimination in lending. C. the problems of moral hazard. D. being harmed by symmetric information.