A firm in monopolistic competition needs ________ market share to qualify as a firm in monopolistic competition
a. no less than 50 percent
b. no less than 10 percent
c. no more than 5 percent
d. no more than 1 percent
e. there is no specific percentage
E
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Refer to the above figure. At the initial long-run equilibrium, the price level is ________, and the price level will be ________
A) 20; 40 B) 20; 45 C) 40; 45 D) 20; 20
A study of expenditures on food in cities resulting in the following equation: Log E = 0.693 Log Y + 0.224 Log N where E is Food Expenditures; Y is total expenditures on goods and services; and N is the size of the family. This evidence implies:
a. that as total expenditures on goods and services rises, food expenditures falls. b. that a one-percent increase in family size increases food expenditures .693%. c. that a one-percent increase in family size increases food expenditures .224%. d. that a one-percent increase in total expenditures increases food expenditures 1%. e. that as family size increases, food expenditures go down.