The ________ automatically distributes scarce goods.
A. command economy
B. price system
C. barter system
D. laissez-faire economy
Answer: B
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In monopolistic competition, firms compete on product quality, price and marketing
Indicate whether the statement is true or false
Refer to Figure 9-2. If the tariff was replaced by a quota which limited rice imports to 16 million pounds, the amount of revenue received by rice importers would equal
A) $19.8 million. B) $16 million. C) $9.6 million. D) $6.4 million.
What do monopolistic competition, pure monopoly, and perfect competition have in common?
a. free entry b. long-run economic profits c. differentiated product d. price taking e. the rule of profit maximization
A "dynamic" view of income differences
A) considers incomes across different groups over time B) considers incomes across different groups by creating a base year for comparison C) considers income across different groups at a given point in time D) averages all incomes into a single measure of differences