In the wake of the failure of __________ in 1984, the FDIC announced the "too big to fail" policy

Which of the following is consistent with the law of demand?

A) People substitute higher-priced goods for higher-quality goods. B) People substitute some higher-priced goods for other higher-priced goods. C) People substitute lower-priced goods for higher-priced goods. D) People substitute some lower-priced goods for other lower-priced goods.

Which set of characteristics below best describes the basic features of monopolistic competition?

A. Easy entry, many firms, and standardized products B. Barriers to entry, few firms, and differentiated products C. Easy entry, many firms, and differentiated products D. Easy entry, few firms, and standardized products