Some markets have many buyers and sellers but fall into the category of monopolistic competition rather than perfect competition. The most common reason for this is
A) firms in these markets make high profits.
B) there are high barriers to entering these markets.
C) firms in these markets sell identical products.
D) firms in these markets do not sell identical products.
D
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Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 40 sliders and 25 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that:
A) there is little or no potential for input substitution in the grocery store business. B) transportation costs are insignificant in the grocery store business. C) land is a relatively inexpensive input in the grocery store business. D) labor is relatively inexpensive in the grocery store business.
Suppose Y = 100, P = 80, and V = 3.2. If Y rises to 105, and the inflation rate is 10 percent, what is the new value of M?
What will be an ideal response?
The intent of the liberum veto was ___________, and the outcome was _____________.
A. complete consensus; often chaos and corruption B. majority rule; complete consensus C. efficiency; inefficiency D. efficiency; efficiency