A distinguishing characteristic of monopolistic competition is that there are many firms in an industry.
Answer the following statement true (T) or false (F)
True
Monopolistic competition is a market in which many firms produce similar but somewhat differentiated goods or services and therefore each maintains some independent control of its own price.
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If two countries adhere to a gold standard, the exchange rate for their currencies is fixed
Indicate whether the statement is true or false
Label each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Explain your answer
What will be an ideal response?
The pay-as-you-go nature of the Social Security system means that _____
a. current beneficiaries are paid out of general tax revenues b. current beneficiaries are paid out of the payroll taxes levied on current workers c. current beneficiaries are paid based on contributions made during their last five working years d. current beneficiaries are paid out of current earnings on the Social Security trust fund
Trade allows the people of a country to consume outside their production possibility curve.
Answer the following statement true (T) or false (F)