The demand for the product of a monopolistically competitive firm is highly elastic when
A) firms collude.
B) there are fewer firms in the industry.
C) there is a lot of product differentiation.
D) there are a lot of close substitutes.
Answer: D
Economics
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Michael Jordan has more athletic ability than most individuals. Thus, he is more productive at most tasks involving physical skill. Explain why then, it is more efficient for Michael Jordan to pay someone else to mow his lawn
What will be an ideal response?
Economics
If the GDP deflator is 142, by how much have prices changed since the base year?
A) Prices have increased by 42%. B) Prices have increased by 142%. C) Prices have increased by 58%. D) Prices have decreased by 4.2%.
Economics