Which of the following is NOT a characteristic of the demand curve faced by a firm in a monopolistically competitive market?
A) The demand curve is downward sloping.
B) The slope of the demand curve is negative.
C) The firm will produce where the demand curve is inelastic.
D) The firm will produce where the demand curve is elastic.
C
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If a firm that experiences economies of scope doubles its production of an item, its costs will less than double
a. True b. False
Along the intermediate range of the aggregate supply curve, an increase in the aggregate demand curve will increase:
A. both the price level and real GDP. B. only real GDP. C. only the price level. D. real GDP and reduce the price level.
If Japan imposes a quota on imports of rice, the effect will be
A. less rice and higher price in Japan, lower rice prices in exporting countries. B. more rice and higher price in Japan, higher rice prices in exporting countries. C. less rice and lower price in Japan, higher rice prices in exporting countries. D. more rice and lower price in Japan, lower rice prices in exporting countries. E. less rice and higher price in Japan, higher rice prices in exporting countries.
Separate standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance of a trading partner's standards as valid and sufficient by another trading partner. D) standards held by different trading partners which other partners refuse to recognize.