Which of the following is true of monopolistic competition?
A) There is only one seller in this market structure.
B) The product sold by each seller in this market structure is identical.
C) The firms in this market structure earn huge economic profits in the long run.
D) There are a large number of sellers each selling a differentiated product.
D
Economics
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When very few substitutes for a good exist, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly elastic.
Economics
A tariff is:
a. a duty that a company must pay its own government on exports. b. the price charged by one country to buyers of a good in another country. c. a price reduction designed to encourage international trade. d. a tax on an import.
Economics