Monopolistic competition is defined as a type of market structure in which
A) many firms produce the good.
B) firms produce a homogeneous good.
C) there are barriers to entry.
D) firms can make an economic profit in the long run.
E) firms can easily enter the market but cannot easily exit from it.
A
Economics
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A government-inhibited good is one that
A) cannot be individually consumed. B) would be underproduced by the private market. C) should be subsidized to correct the market failure and productive inefficiency. D) has been deemed socially undesirable via the political process.
Economics
Which of the following does NOT involve transfers in kind?
A) public housing B) food stamps C) Medicare D) income tax refund
Economics