The Ironman Hawaii randomly draws a few hundred slots from thousands of applicants for the race
The method of allocation for the opportunity to participate in the race is ________, and the method of allocation for determining the winner of the race is ________. A) lottery; contest
B) contest; lottery
C) first-come, first-served; lottery
D) lottery; first-come, first-served
E) contest; command
A
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Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is
A) less elastic because monopolistically competitive firms produce similar, but not identical, products. B) more elastic because in the long run, the demand curve is tangent to the firm's average total cost curve. C) just as elastic because there are many sellers in both markets. D) more elastic because there are many close substitutes for the product of a monopolistically competitive firm.
Government policies that are used to affect planned aggregate expenditure, with the objective of eliminating output gaps, are called ________ policies.
A. cyclical B. stabilization C. productivity D. structural