Compared to monopoly, the market results with monopolistic competition are usually expected to be:
a. worse because consumers get fewer choices.
b. worse because consumers pay a higher price.
c. the same.
d. better because consumers get less output.
e. better because consumers pay a lower price.
e
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If people are risk averse regarding environmental damages.
a. Low discount rates should be used b. High discount rates should be used c. Expected values will overstate ecological damages d. Irreversible actions should be taken e. They will generally approve of irreversible projects f. All of the above. g. None of the above.
Since an expensive sports car constitutes a greater portion of a consumer's budget than does laundry soap, the price elasticity of demand for an expensive sports car is _____
a. relatively less elastic b. unit-elastic c. perfectly inelastic d. relatively more elastic e. perfectly elastic