Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing output?
A) Q1 units B) Q2 units C) Q3 units D) Q4 units
B
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The 1960s are remembered by most economists as a period of
a. very high rates of inflation. b. very high rates of unemployment. c. price controls and low inflation. d. noninflationary growth. e. all of the above.
The U.S. desire for foreign currency represents
A. A demand for U.S. dollars. B. The foreign demand for U.S. exports. C. A point of disequilibrium in the foreign exchange market. D. A supply of U.S. dollars.
When income levels in the rest of the world increase, what is the effect on the home TB?
a. It decreases because of expenditure switching. b. It decreases because of an increase in imports. c. It increases because of an increase in exports. d. It increases because of expenditure switching.
In which one of the following market models is X-inefficiency least likely to be present?
A. Pure competition. B. Oligopoly. C. Monopolistic competition. D. Pure monopoly.