A monopolistically competitive firm influences market price because of product differentiation.
Answer the following statement true (T) or false (F)
True
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If the exchange rate changes from 1.5 euros per dollar to 1.0 euro per dollar, the euro has
A) depreciated against the dollar. B) appreciated against the dollar. C) fallen inversely in value. D) depreciated against the euro. E) appreciated against the euro.
The discovery of new natural resources will cause
A) the economy to move closer to the production possibilities curve. B) the production possibilities curve to shift up and to the right. C) an upward movement along the curve. D) the curve to shift back and to the left.
Suppose that Chloe opens a dog grooming business in a local shopping center. Which of the following would be an example of a factor of production used by Chloe? (i) her employees' time (ii) brushes, combs, scissors, and clippers (iii) shampoo, water, and flea prevention treatments (iv) Chloe's time spent on bookkeeping and bill paying
a. (i) only b. (i) and (ii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
The market for oil-change can be described as a market in which monopolistic competition prevails. This means that collusion among garages that change oil is ____________ and firms engage in _________ behavior.
a. common; cooperative b. common; uncooperative c. rare; uncooperative d. rare; cooperative