Consumers benefit from monopolistic competition by
A) paying the same price as everyone else.
B) being able to purchase high-quality products at low prices.
C) paying the lowest possible price for the product.
D) being able to choose from products more closely suited to their tastes.
D
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The lower portion of the circular flow model contains factor markets in which households provide:
A. goods and services. B. savings, spending, and investment. C. natural resources, labor, and capital. D. output of all final goods and services produced.
Compared to their initial positions at points A and B, as a result of complete specialization and trade, the output of the two countries added together in Figure 35.1 would result in an increase in
A. Neither DVD players nor motorcycles. B. Motorcycles only. C. DVD players only. D. Both DVD players and motorcycles.