If the market for products produced by firms in a monopolistically competitive industry becomes ________, then there will be ________ firms and each firm will produce ________ output and charge a ________ price
A) smaller; fewer; less; higher
B) smaller; more; less; higher
C) smaller; more; less; lower
D) smaller; fewer; less; lower
E) smaller; fewer; more; higher
A
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A stronger U.S. dollar in world exchange markets means that
A) foreigners sell the dollars that they have. B) a dollar buys more units of foreign currency than it could before. C) a dollar buys less units of foreign currency than it could before. D) a dollar buys the same amount of foreign currency than it could before, with gold backing up the value of the dollar.
Which of the following is one of the reasons to believe that institutional change is more likely now than in the past?
a. The colonial era is over and countries are in the position to make their own institutional choices. b. The collapse of communism has expanded the opportunity for institutional change. c. Reductions in transportation and communication costs have increased the importance of institutions and policies. d. All of the above are true.