Monopolistic competition is characterized by:
a. a small number of firms selling differentiated products.
b. a large number of firms selling identical products
c. high barriers to entry.
d. a large number of firms selling differentiated products.
d
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Suppose that the price elasticity of demand for snow shovels is –1.2 . What would have to happen to the price of a snow shovel for the quantity demanded to fall from 2,000 to 1,800? Use the midpoint formula in your calculations
What will be an ideal response?
What was the thesis to James O'Neill's paper where he introduced the BRIC acronym?
A) These nations were going to collapse. B) These were failing states and thus a treat to global stability. C) These economies were moribund and needed IMF assistance. D) These nations had the potential to change global trade and capital flows. E) These nations would repeat the patterns of development and business cycles as the United States and Europe had in their economic history.