Which statement is true?
A. M1 is larger than M3.
B. M2 is about five times the size of M1.
C. M3 is three times the size of M2.
D. None of the statements are true.
B. M2 is about five times the size of M1.
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Which of the following is a distinction between perfectly competitive and monopolistic competition?
A. Perfectly competitive firms must compete with rival sellers; monopolistically competitive firms do not confront rival sellers. B. Monopolistically competitive firms can raise their price without losing sales; perfectly competitive firms must lower their price in order to sell more of their product. C. Perfectly competitive firms confront a perfectly elastic demand curve; monopolistically competitive firms face a downward-sloping demand curve. D. Perfectly competitive firms may make either economic profits or losses in the short run, but monopolistically competitive firms always earn an economic profit.
Lump sum grants are sometimes referred to as categorical grants.
A. True B. False C. Uncertain