In monopolistic competition there is/are
A) many sellers who each face a downward-sloping demand curve.
B) a few sellers who each face a downward-sloping demand curve.
C) only one seller who faces a downward-sloping demand curve.
D) many sellers who each face a perfectly elastic demand curve.
Answer: A
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The marginal utility of a third skirt is
A) three times the average utility of the three skirts. B) three skirts times the price of a skirt. C) the total utility of three skirts divided by three. D) the change in total utility from the third skirt.
Suppose that an increase in capital per hour worked from $15,000 to $20,000 increases real GDP per hour worked by $500
If capital per hour worked increases further to $25,000, by how much would you expect real GDP per hour worked to increase if there are diminishing returns? A) by less than $500 B) by more than $500 but less than $5,000 C) by exactly $500 D) by more than $5,000 but less than $20,000