In monopolistic competition, each firm has a demand curve with a ________ and there ________ barriers to entry into the market
A) negative slope; are no
B) slope equal to zero; are no
C) negative slope; are
D) slope equal to zero; are
A
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Which real-world market most closely approximates perfect competition?
a. the stock market b. automobiles c. higher education d. cable television services e. retail clothing stores
If demand is unit elastic, then a 10 percent increase in price will lead to a 10 percent drop in quantity demanded.
Answer the following statement true (T) or false (F)
Which of the following is not an advantage of fiscal federalism?
a. It allows people to "vote with their feet." b. It facilitates intergovernmental comparisons. c. It increases the ability of government to bargain with bureaucracies. d. It can limit the costs of government programs to those who benefiting from them.
The law of comparative advantage says that a person should produce a good if she
a. has the greatest desire to consume that good b. has the lowest opportunity cost of producing that good c. has an absolute advantage in a related activity d. has a comparative advantage in a related activity e. is equally good at producing this good as someone else is