Monopolistically competitive firms have no benefits to consumers relative to perfectly competitive firms.
Answer the following statement true (T) or false (F)
False
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If the percentage change in quantity demanded is greater than the percentage change in price, we would say that over this range, demand is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
According to economists who emphasize the connection between productive contribution and economic reward, a more equal income distribution
a. is instrumental to economic growth b. always helps the poor in the long run c. is at the heart of the ethics underlying competitive markets d. creates inefficiency e. may create a bigger GDP, but the individual shares of the GDP are smaller
In an unexpected inflation, lenders will generally:
A. neither gain nor lose relative to borrowers. B. lose relative to borrowers. C. The effect will be totally random. D. gain relative to borrowers.
An increase in taxes and a decrease in government spending would be characteristic of a contractionary fiscal policy.
Answer the following statement true (T) or false (F)