A major characteristic of monopolistic competition is that prices will be _____.
(A) Unrelated to the type of competition.
(B) Higher than in a true monopoly.
(C) Higher than in perfect competition.
(D) Lower than in perfect competition.
Ans: (C) Higher than in perfect competition.
Economics
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Indicate whether the statement is true or false
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Which feature of the business cycle does the one-period model replicate with shocks to government expenditures?
A) procyclical employment B) procyclical consumption C) procyclical real wages D) countercyclical prices
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