Monopolistic competition differs from perfect competition primarily because in
A. monopolistic competition, there are relatively few barriers to entry.
B. perfect competition, firms can differentiate their products.
C. monopolistic competition, entry into the industry is blocked.
D. monopolistic competition, firms can differentiate their products.
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
High-powered money minus reserves equals
A) reserves. B) currency in circulation. C) the monetary base. D) the nonborrowed base.
If you go to the movies on Thursday night, the only cost to you is the price you pay for the movie ticket.
Answer the following statement true (T) or false (F)
When marginal utility is negative, then total utility is
a. positive b. decreasing c. zero d. increasing e. infinite